Bank of Portugal Releases New Advertising Guide for Credit Intermediaries
The Bank of Portugal (BdP) has officially released a new practical guide detailing the rules for advertising by credit intermediaries. The announcement was made on Friday, with the central bank stating the objective is to assist these professionals in complying with their legal duties and to ensure consumers have access to clear and accurate information.
This publication is part of the BdP's ongoing work to support the credit intermediary sector in understanding and adhering to the regulations governing their activity. A key aim is to 'contribute to consumers of credit products having access to structured, clear, and current information,' the bank stated in its official communication.
The institution emphasized that credit intermediaries are required to observe a comprehensive set of principles and rules when advertising financial products and services that fall under the Bank of Portugal's supervision. This includes advertisements about their own business activities as well as institutional promotions.
The new guide is designed to be accessible and easy to consult, presenting the rules with practical examples of advertising materials to help intermediaries better understand their obligations. This will help ensure a consistent and transparent approach across the industry.
Among the topics covered, the guide clarifies the distinction between three main categories of advertising: promotions for specific financial products and services, advertisements for the intermediary's general business activity, and broader institutional advertising. It outlines the specific principles and rules applicable to each of these categories.
Furthermore, the guide establishes clear rules on technical aspects of advertising, such as the minimum font size required for text in different advertising mediums, to ensure that all information is legible and transparent to the consumer.
A significant portion of the guide is dedicated to the challenges and specifics of digital advertising, with a particular focus on social media platforms. This section provides guidance on how to apply the rules in an online context, which is increasingly the primary channel for reaching consumers.
To further aid compliance, the document includes checklists for validating advertising materials. These checklists are tailored to the different types of advertising and are intended to be used by intermediaries before they disseminate any promotional content to verify that it meets all regulatory standards.
The guide also contains a glossary of important concepts and a comprehensive list of the relevant legislation, serving as a complete reference for professionals in the sector.
This initiative is expected to enhance the quality and reliability of information in the credit market, providing greater protection for consumers, including the many foreign investors and expatriates who rely on these services when purchasing property in Portugal.
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