Bank commission slashed by government

in News · 31-07-2020 01:00:00 · 0 Comments
Bank commission slashed by government

Parliament has approved the end of several banking commissions including on MB Way, on the termination and renegotiation of credit and on new contracts.

Proposals to end commissions on electronic platforms and commissions on home loans to consumers, were approved with votes in favour from PS, BE, PCP, PAN, PEV and non-MEPs Cristina Rodrigues and Joacine Katar Moreira registered, Chega abstained and votes against came from PSD, CDS-PP and IL.

PS deputy Miguel Matos, the coordinator of the Banking Commissions Working Group, told Lusa that “the end of a set of commissions” was guaranteed after the vote on legislative packages at the Budget and Finance Committee.

On MB Way, according to the deputy, the end of bank fees “for certain low-value transactions” was approved, with an “operating limit of €30, a monthly limit of €150 and up to 25 transfers per month”, which become free.

Above these transfers, a rate equal to that of the European Commission’s transfer regulation is applied, 0.2 percent for debit cards and 0.3 percent for credit cards.

According to the deputy “there was already a principle that banks could charge commissions for services provided but now there is a limit of proportionality and reasonableness in bank commissions”.

“Banco de Portugal [BdP] will be able to supervise much better if commissions are exceeding the limit of what is reasonable”.

In financial services, deputies also decided that discriminatory prices cannot be applied for operations in identical services, to ensure freedom of competition between payment applications, according to the deputy.

According to Miguel Matos, it was also decided that the National Council of Financial Supervisors (CNSF), composed of the Governor of Banco de Portugal (BdP), the chairman of the Securities Market Commission (CMVM) and the chairman of the Supervisory Authority of Insurance and Pension Funds (ASF) must prepare a report on regulatory ‘sandbox’ [regulated experimental spaces] for ‘fintech’ [technological financial companies].


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