Regulatory Alerts2020-06-18
Added · Updated
Circular Letter No. CC/2020/00000041: Cessation of Flexibility Measures Regarding Complaint Handling
The Banco de Portugal ends temporary regulatory flexibility measures for complaint handling, requiring credit institutions, payment institutions, electronic money institutions, investment companies, and financial companies to resume standard response deadlines effective July 1, 2020. Specifically, institutions must respond to customers within 20 working days for complaints submitted directly to the central bank and provide additional information requested by the central bank within 3 working days. These obligations revert to the standards set in Circular Letters No. 25/2008/DSB and No. 6/2008/DSB following the lifting of emergency state limitations.
Circular Letter No. CC/2020/00000041 Sent to: Credit Institutions; Payment Institutions; Electronic Money Institutions; Investment Companies and Financial Companies. Mod. 99999924/T – 01/14 Subject: Cessation of flexibility measures regarding complaint handling
Through Circular Letter No. CC/2020/00000017, the Banco de Portugal adopted measures to relax regulatory and supervisory requirements, including the extension of deadlines for handling complaints in the situations identified in said Circular Letter.
Given that these measures were adopted on a temporary basis and that, in the meantime, the limitations imposed by the state of emergency have ceased, the Banco de Portugal informs that, from the next day of July 1, 2020, the institutions complained against must:
a) Ensure a response to banking customers within 20 working days, in the case of complaints submitted directly to the Banco de Portugal, in accordance with the provisions of Circular Letter No. 25/2008/DSB; and, b) Respond to requests for additional information formulated by the Banco de Portugal during the assessment of complaints within 3 working days, under the terms of Circular Letter No. 6/2008/DSB.
The Banco de Portugal will continue to permanently monitor the situation, and the deadline for handling complaints may be reconsidered if deemed necessary.