The Banco de Portugal commission comparator starts on 1 October and unveils the instruction published this Wednesday. This site contains the costs of 93 financial services, information that will be constantly updated.
The superintendent published Wednesday the instruction on information that financial institutions should report to the committee comparator. "From 1 October, the Commission Comparator will provide information on 93 commissions that relate not only to the most representative services but also to other services not covered by Instruction 11/2018", according to the statement by the Bank of Portugal.
"With this functionality of the Banking Client Portal, consumers can, from 1 October, compare commissions relating to various services linked to payment accounts, namely the costs of account maintenance (including package account), availability of debit and credit cards, cash withdrawals, purchase of checks and transfers" , explains the statement by Banco de Portugal.
These 93 services that will be included in the commission comparator are therefore in line with the maintenance committee for accounts in the basic accounts and minimum bank service accounts that can be compared since the beginning of last year.
The various marketing channels of the relevant services will be considered, as this is a factor that can lead to costs. And, in cases where there is another commission depending on the value of the transaction (as is the case with the transfers), this is considered the highest amount the commission can achieve.
The annual amount of the commission is used, but the periodicity of the collection of the commission is added. Values to be applied as a tax should be considered so that consumers are informed of the total costs to be incurred.
The Bank of Portugal decided to follow some of the contributions from the public consultation that took place between 9 July and 10 August. In this way, some services that are not directly comparable, such as parcel accounts and credit cards, will also be included in the comparator. In this case, customers are redirected to the place where they have access to the characteristics of the product after having knowledge of the costs.
This function allows consumers, per institution or per service, to compare the maximum commissions required in consideration for the delivery of the services concerned, also taking into account the marketing channels available for each service.
"The results of the study are presented according to the order chosen by the consumer and the data is exportable, enabling the file and the processing of the information", adds the statement from the Bank of Portugal.
In this comparator the terminology used must be harmonized. For example, the commission that is linked to the management of a blocked account or another payment account is called an order maintenance committee.
"The comparator does not advise or advise consumers on the purchase of products or services, the availability of this type of functionality does not fit the legal attributions of the Bank of Portugal", stresses the regulator.
The Bank of Portugal has the authority to supervise the practice of financial institutions that, if they do not follow the now published instruction, can be sanctioned.
(News updated at 17:55 with more information)