Amended bank fine print regulations unveiled
Bank of Portugal Increases Minimum Font Size for Indoor Advertising of Financial Products
The Bank of Portugal has updated the rules governing the advertising of financial products and services, with a particular focus on indoor posters displayed outside the premises of supervised entities. The key change is an increase in the minimum font size to 40 points for these posters.
The adjustment aims to ensure a better balance between the advertising message and the mandatory information that institutions must provide to customers. This enhancement will make it easier for customers to read and compare essential details, such as those related to credit offers, thereby fostering transparency and informed decision-making.
The new rules apply to a wide range of financial entities, including banks, credit institutions, payment institutions, electronic money institutions, credit intermediaries, and other entities authorized for credit intermediary activities. The notice also sets principles and rules for advertising financial products, services, activities, and institutional advertising under the supervision of the Bank of Portugal.
While the rules provide clarity on the minimum font size for indoor posters, they do not specify the exact information that institutions are required to provide to customers. Additionally, the rules do not cover advertisements that are not related to financial products, services, activities, or institutional advertising.
The Bank of Portugal's notice is part of ongoing efforts to support clearer communication and consumer protection in the advertising of financial products regulated by the Bank of Portugal. The rules are published under the supervision of the Bank of Portugal and can be found on their official website.
It is worth noting that the rules do not apply to online or digital advertisements, and the Bank of Portugal has not yet provided any specific guidelines for these mediums.
In summary, the Bank of Portugal's updated rules for indoor advertising of financial products seek to improve readability and transparency, enabling customers to compare offers effectively. The new minimum font size of 40 points is now applicable to posters displayed outside the premises of supervised entities.
The Bank of Portugal's updated rules for advertising extend to various financial entities within Portugal, encompassing banks, credit institutions, payment institutions, electronic money institutions, credit intermediaries, and entities authorized for credit intermediary activities. These new rules within the banking-and-insurance industry aim to foster transparency in the finance sector, as they encourage informed decision-making by enhancing readability and comparison of essential details.
