CMN Resolution No. 4539 — Principles and Institutional Policy for Relationship with Clients and Users of Financial Products and Services

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on November 24, 2016, based on Article 4, item VIII, of the aforementioned Law,

R E S O L V E D:

CHAPTER I

OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution provides for principles to be observed in the relationship with clients and users and for the elaboration and implementation of an institutional policy for relationship with clients and users of products and services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

§ 1 The provisions of this Resolution do not apply to consortium administrators and payment institutions, which must follow the rules issued by the Central Bank of Brazil in the exercise of its legal competence.

§ 2 For the purposes of this Resolution, the relationship with clients and users covers the pre-contracting, contracting, and post-contracting phases of products and services.

CHAPTER II

OF THE PRINCIPLES

Art. 2 The institutions referred to in Article 1, in their relationship with clients and users of products and services, must conduct their activities with observance of principles of ethics, responsibility, transparency, and diligence, promoting the convergence of interests and the consolidation of an institutional image of credibility, security, and competence.

Art. 3 The observance of the provisions of Article 2 requires, among others, the following measures:

I - promote an organizational culture that encourages a cooperative and balanced relationship with clients and users;

II - provide fair and equitable treatment to clients and users; and

III - ensure the compliance and legitimacy of products and services.

Sole Paragraph. The fair and equitable treatment of clients and users referred to in item II of the main text includes, in addition:

I - the provision of information to clients and users in a clear and precise manner, regarding products and services;

II - the response to demands from clients and users in a timely manner; and

III - the absence of unreasonable barriers, criteria, or procedures for the termination of the contractual relationship regarding products and services, as well as for the transfer of the relationship to another institution, at the client's request.

CHAPTER III

OF THE INSTITUTIONAL POLICY FOR RELATIONSHIP WITH CLIENTS AND USERS

Section I

Of the Elaboration and Implementation of the Institutional Policy for Relationship with Clients and Users

Art. 4 The institutions referred to in Article 1 must elaborate and implement an institutional policy for relationship with clients and users that consolidates guidelines, strategic objectives, and organizational values, in order to guide the conduct of their activities in accordance with the provisions of Article 2.

§ 1 The policy referred to in the main text must:

I - be approved by the board of directors or, in its absence, by the executive board of the institution;

II - be subject to periodic evaluation;

III - define roles and responsibilities within the institution;

IV - be compatible with the nature of the institution and with the profile of clients and users, as well as with other institutional policies;

V - provide for a training program for employees and service providers who perform activities related to the relationship with clients and users;

VI - provide for the internal dissemination of its provisions; and

VII - be formalized in a specific document.

§ 2 It is admitted that the policy referred to in the main text be unified by:

I - a conglomerate; or

II - a cooperative credit system.

§ 3 Institutions that do not constitute their own policy due to the option provided in § 2 must formalize the decision in a meeting of the board of directors or the executive board.

§ 4 The document referred to in item VII of § 1 must be kept available to the Central Bank of Brazil.

Section II

Of the Management of the Institutional Policy for Relationship with Clients and Users

Art. 5 Institutions must ensure the consistency of routines and operational procedures related to the relationship with clients and users, as well as their adequacy to the institutional policy for relationship referred to in Article 4, including regarding the following aspects:

I - design of products and services;

II - offering, recommending, contracting, or distributing products or services;

III - security requirements related to products and services;

IV - charging of fees resulting from the provision of services;

V - disclosure and advertising of products and services;

VI - collection, processing, and maintenance of client information in databases;

VII - management of service provided to clients and users, including the recording and handling of demands;

VIII - conflict mediation;

IX - system for collection in case of default on contracted obligations;

X - termination of the contractual relationship regarding products and services;

XI - early settlement of debts or obligations;

XII - transfer of the relationship to another institution, at the client's request; and

XIII - any goal and incentive systems for the performance of employees and third parties acting on their behalf.

§ 1 With regard to the provisions of items I and II of the main text, and in observance of Article 3, sole paragraph, item I, institutions must establish the profile of the clients who make up the target audience for the products and services made available, considering their characteristics and complexity.

§ 2 The profile referred to in § 1 must include relevant information for each product or service.

Art. 6 Regarding the institutional policy for relationship with clients and users, the institutions referred to in Article 1 must establish mechanisms for monitoring, control, and risk mitigation with a view to ensuring:

I - the implementation of its provisions;

II - the monitoring of its compliance, including through appropriate metrics and indicators;

III - the evaluation of its effectiveness; and

IV - the identification and correction of any deficiencies.

§ 1 The mechanisms referred to in the main text must be submitted to periodic tests by internal audit, consistent with the institution's internal controls.

§ 2 The data, records, and information related to control mechanisms, processes, tests, and audit trails must be kept available to the Central Bank of Brazil for a minimum period of five years.

CHAPTER IV

GENERAL PROVISIONS

Art. 7 The institutions referred to in Article 1 must indicate a director responsible for the observance of the provisions of this Resolution.

Art. 8 The Central Bank of Brazil is authorized to issue rules and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Art. 9 This Resolution enters into force 360 (three hundred and sixty) days after the date of its publication.

Ilan Goldfajn
President of the Central Bank of Brazil