Resolution BCB No. 155 — Sets out principles and procedures to be adopted in the relationship with customers and users of products and services by consortium administrators, payment institutions, securities broker societies, securities distributor societies, foreign‑exchange broker societies and virtual‑asset service providers authorized to operate by the Central Bank of Brazil

RESOLUTION BCB No. 155, OF 14 OCTOBER 2021

Sets out principles and procedures to be adopted in the relationship with customers and users of products and services by consortium administrators and payment institutions authorized to operate by the Central Bank of Brazil.

Sets out principles and procedures to be adopted in the relationship with customers and users of products and services by consortium administrators, payment institutions, securities broker societies, securities distributor societies and foreign‑exchange broker societies authorized to operate by the Central Bank of Brazil. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

Sets out principles and procedures to be adopted in the relationship with customers and users of products and services by consortium administrators, payment institutions, securities broker societies, securities distributor societies, foreign‑exchange broker societies and virtual‑asset service providers authorized to operate by the Central Bank of Brazil. (Amended by Resolution BCB No. 552, of 3/3/2026.)

The Collegiate Board of the Central Bank of Brazil, in session held on 13 and 14 October 2021, based on arts. 6 and 7, item III, of Law No. 11.795, of 8 October 2008, arts. 9, items II, VII, IX and X, and 15 of Law No. 12.865, of 9 October 2013,

RESOLVES:

CHAPTER I

OF OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution sets out principles and procedures to be adopted in the relationship with customers and users of products and services by consortium administrators and payment institutions authorized to operate by the Central Bank of Brazil.

Art. 1 This Resolution sets out principles and procedures to be adopted in the relationship with customers and users of products and services by the following institutions authorized to operate by the Central Bank of Brazil: (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

I – consortium administrators; (Included, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

II – payment institutions; (Included, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

III – securities broker societies; (Included, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

IV – securities distributor societies; (Amended by Resolution BCB No. 552, of 3/3/2026.)

V – foreign‑exchange broker societies; (Amended by Resolution BCB No. 552, of 3/3/2026.)

VI – virtual‑asset service providers. (Included by Resolution BCB No. 552, of 3/3/2026.)

§ 1 The relationship with customers and users covers the pre‑contracting, contracting and post‑contracting phases of products and services.

§ 2 For the purposes of this Resolution, a consortium participant of a consortium administrator is considered a customer.

CHAPTER II

OF THE PRINCIPLES

Art. 2 Consortium administrators and payment institutions referred to in art. 1, in their relationship with customers and users of products and services, must conduct their activities observing the principles of ethics, responsibility, transparency and diligence, fostering convergence of interests and the consolidation of an institutional image of credibility, safety and competence.

Art. 2 The institutions mentioned in art. 1, in their relationship with customers and users of products and services, must conduct their activities observing the principles of ethics, responsibility, transparency and diligence, fostering convergence of interests and the consolidation of an institutional image of credibility, safety and competence. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

Art. 3 Observance of the provisions of art. 2 requires, among other things, the following measures:

I – promote an organizational culture that encourages cooperative and balanced relationships with customers and users; and

II – provide fair and equitable treatment to customers and users, taking into account their relationship profiles and associated vulnerabilities.

CHAPTER III

OF CONTRACTING AND SERVICE PROVISION

Art. 4 Consortium administrators and payment institutions referred to in art. 1, when contracting operations and providing services, must ensure:

Art. 4 The institutions mentioned in art. 1, when contracting operations and providing services, must ensure: (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

I – suitability of the offered or recommended products and services to the needs, interests and objectives of customers and users;

II – integrity, compliance, reliability, security and confidentiality of the transactions carried out, as well as the legitimacy of the contracted operations and the services provided;

III – provision, in a clear and precise manner, of the information necessary for free choice and decision‑making by customers and users, explicitly stating rights and duties, responsibilities, costs or charges, penalties and any existing risks in the execution of operations and provision of services;

IV – use of clear, objective wording appropriate to the nature and complexity of the operation or service, in contracts, receipts, statements, vouchers and documents intended for the public, so as to allow understanding of the content and identification of deadlines, amounts, charges, fines, dates, locations and other conditions;

V – identification of final users who are beneficiaries of payment or transfer in statements and extracts of registration and payment accounts, including situations where the payment service involves participating institutions from different payment arrangements; and (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

VI – timeliness and the absence of unreasonable barriers, criteria or procedures for:

a) attending to customers’ and users’ demands, including the provision of contracts, receipts, statements, vouchers and other documents and information related to operations and services;

b) termination of the contractual relationship concerning products and services, including contract cancellation; and

c) transfer of the relationship to another institution, if applicable.

Art. 5 For the purposes of items III and IV of art. 4, upon joining a consortium group, administrators must inform the client of participation costs, which must include at least the following items:

I – administration fee, including when prepaid;

II – reserve fund fee, if any; and

III – insurance, if any.

§ 1 The costs listed in the main clause must be expressed as a percentage of the credit amount, considering the total of the scheduled payments.

§ 2 For the purposes of item III of the main clause, in the case where insurance is charged only after the consortium participant is drawn, it is mandatory to inform only its existence and the method of charging.

§ 3 In the event of a comparison between the fees and amounts charged in consortium operations and those charged in credit or financial leasing operations, administrators must provide the necessary information about the differences between the operations and the financial effects resulting from each charging method.

CHAPTER IV

INSTITUTIONAL POLICY ON RELATIONSHIP WITH CUSTOMERS AND USERS

Section I – Development and Implementation of the Institutional Policy on Relationship with Customers and Users

Art. 6 Consortium administrators and payment institutions referred to in art. 1 must develop and implement an institutional policy on relationship with customers 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 art. 2.

Art. 6 The institutions mentioned in art. 1 must develop and implement an institutional policy on relationship with customers 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 art. 2. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

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

I – be approved by the board of directors or, if none exists, by the institution’s management;

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 customers and users, as well as with other established policies;

V – provide a training programme for employees and service providers who perform activities related to the relationship with customers and users;

VI – provide for internal dissemination of its provisions; and

VII – be formalized in a specific document.

§ 2 It is permitted that the policy referred to in the main clause be unified across a corporate group.

§ 3 The institutions mentioned in art. 1 that do not establish their own policy pursuant to the discretion provided in § 2 must formalize the decision in a meeting of the board of directors or management. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

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

Section II – Management of the Institutional Policy on Relationship with Customers and Users

Art. 7 Consortium administrators and payment institutions referred to in art. 1 must ensure the consistency of routines and operational procedures affecting the relationship with customers and users, as well as their alignment with the institutional relationship policy referred to in art. 6, including the following aspects:

Art. 7 The institutions mentioned in art. 1 must ensure the consistency of routines and operational procedures affecting the relationship with customers and users, as well as their alignment with the institutional relationship policy referred to in art. 6, including the following aspects: (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

I – identification and qualification of customers and users for the purpose of initiating and maintaining the relationship;

II – design of products and services;

III – offering, recommendation, contracting or distribution of products or services;

IV – security requirements affecting products and services;

V – charging of fees and tariffs resulting from the provision of services;

VI – disclosure and advertising of products and services;

VII – collection, processing and maintenance of customer and user information in databases;

VIII – management of service provision to customers and users, including the recording and handling of requests;

IX – conflict mediation;

X – systematic collection in case of default of contracted obligations;

XI – termination of the contractual relationship concerning products and services;

XII – early settlement of debts or obligations; and

XIII – transfer of the relationship to another institution.

§ 1 With respect to the provisions of items II and III of the main clause, and in accordance with art. 4, item I, the institutions mentioned in art. 1 must establish the profile of the customers that compose the target audience for the products and services offered, considering their characteristics and complexity. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

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

§ 3 For the purposes of the main clause, the institutions mentioned in art. 1 must, additionally:

I – promote the balance of result targets and incentives associated with employee and representative performance with the guidelines and organizational values set out in the institutional policy referred to in art. 6; and

II – appropriately address any deviations related to the content of item I.

Art. 8 Regarding the institutional policy on relationship with customers and users, consortium administrators and payment institutions referred to in art. 1 must establish mechanisms for monitoring, control and risk mitigation in order to ensure:

Art. 8 Regarding the institutional policy on relationship with customers and users, the institutions mentioned in art. 1 must establish mechanisms for monitoring, control and risk mitigation in order to ensure: (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

I – the implementation of its provisions;

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

III – the assessment of its effectiveness; and

IV – the identification and correction of any deficiencies.

§ 1 The mechanisms referred to in the main clause must be subjected to periodic testing by internal audit, consistent with the institution’s internal controls.

§ 2 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 V

FINAL PROVISIONS

Art. 9 Consortium administrators and payment institutions referred to in art. 1 must indicate to the Central Bank of Brazil a director responsible for complying with the obligations set out in this Resolution.

Art. 9 The institutions mentioned in art. 1 must indicate to the Central Bank of Brazil a director responsible for complying with the obligations set out in this Resolution. (Amended, effective 1 March 2024, by Resolution BCB No. 368, of 25/1/2024.)

Art.
10. The following are revoked:

I – art. 1 of Circular No. 3.558, of 16 September 2011; and

II – item I of art. 25 of Resolution BCB No. 80, of 25 March 2021.

Art. 11 This Resolution enters into force on 1 October 2022.

Art. 11 This Resolution enters into force on 1 March 2022. (Amended, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

Sole paragraph. The provisions of this Resolution shall produce effects: (Included, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

I – with respect to consortium administrators, on 1 October 2022; and (Included, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

II – with respect to payment institutions: (Included, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

a) on 1 March 2022, regarding art. 4; and (Included, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

b) on 1 October 2022, regarding the remaining provisions. (Included, effective 1 February 2022, by Resolution BCB No. 182, of 25/1/2022.)

Otávio Ribeiro Damaso
Regulation Director