The governor of the Bank of Portugal today defended the need for a change in the relationship between customers and banks, so that the customer perceives that there is risk products without risk products.
“The client You have to realize that there is risk areas and areas without risk, and products without risk, and we can not in any way compromise with bad sales practices or the idea that, whatever happens, I’m always protected ” said Carlos Costa in a conference in Lisbon on “Regulation and Consumer.”
The governor defended a relationship change with regard to reporting requirements, separation of the branches where the product is sold and confirmation writing that the customer knows what they are buying.
Not having this change, he said, it runs the risk of “being permanently at the end of the process, with a situation where everyone knew what was buying, but in the end no one confesses truly what bought. “
Carlos Costa also stressed that the quality supervision” can not guarantee “that there is no risk of rescue and praised the mandatory provision accounts of financial institutions, its independent internal oversight mechanisms and efficient external audit mechanisms.
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