Circular Letter No. CC/2019/00000083

Circular Letter No. CC/2019/00000083
Sent to:
Credit Institutions, Payment Institutions and Electronic Money Institutions.
Mod. 99999924/T – 01/14
Subject: Good practices applicable to the provision of commission statements through digital channels or email

The Bank of Portugal has been monitoring the way credit institutions and other payment service providers ensure compliance with the duty to make available to clients the annual statement of commissions associated with the current deposit account and other payment accounts, as provided for in paragraph 1 of Article 10 of Decree-Law No. 107/2017 of August 30, and in paragraph 8 of Article 77 of the General Regime of Credit Institutions and Financial Companies.

Considering the importance of ensuring transparency and comparability of information, regardless of the medium used for communication with clients, and taking into account the lessons of behavioral economics, the Bank of Portugal has identified a set of good practices applicable to the provision of commission statements through digital channels (online and mobile) and email.

Thus, in the exercise of the competence attributed to it by Article 17 of its Organic Law, approved by Law No. 5/98 of January 31, in its current wording, the Bank of Portugal transmits the following:

1. The good practices contained in this Circular Letter must be observed by credit institutions and other payment service providers (hereinafter, “institutions”) in the context of the provision of commission statements, as provided for in paragraph 1 of Article 10 of Decree-Law No. 107/2017 of August 30, and in paragraph 8 of Article 77 of the General Regime of Credit Institutions and Financial Companies.

For the purposes of this Circular Letter, “digital channels” is understood to mean the online channel, that is, the client’s access channel to banking products and services made available by institutions via the internet (browser), as well as the mobile channel, that is, the client’s access channel to banking products and services made available by institutions via smartphone or tablet, particularly via APP.

2. When institutions use digital channels or email to send commission statements to clients, they must ensure that the document is made available:
   a) In a clear and easily identifiable manner for clients;

BANCO DE PORTUGAL
Headquarters: Rua do Comércio, 148 • 1100-150 Lisbon • Portugal T +351 213 130 000 • www.bportugal.pt Tax ID No. 500792771 • Share Capital: € 1,000,000 • Registration at the Lisbon Commercial Registry, No. 51 Mod. 99999924/T – 01/14 b) Through an autonomous file, designated “commission statement”.

3. When the commission statement is made available via email, institutions must also ensure that the accompanying communication contains the expression “commission statement” in the subject line.

4. In cases where the commission statement is made available through digital channels, institutions must ensure that:
   a) The document is made available in a highly visible location with direct access by clients; b) Clients are informed about this availability by sending a specific notification, namely via email or short messages (SMS), which should identify, whenever possible, the location on the website or in the APP where the document can be consulted; c) The document is made available for a period of no less than one year, and the client must be informed about this period.

5. Institutions must provide additional information regarding the provision of the commission statement, namely through the use of highlighted messages on the home pages of their websites or APPs.