Although the role of the credit intermediary had already been envisaged under the legal regime governing consumer credit agreements, it was only with Decree-Law No. 81-C/2017 that the matter was addressed through a comprehensive and structured framework, clearly aimed at reinforcing transparency, enhancing consumer protection, and promoting trust in credit institutions and in the financial system as a whole.
Credit intermediation encompasses the provision of the following services:
- the presentation and/or proposal of credit agreements to consumers;
- the performance of contract management activities, including in relation to agreements in which the intermediary did not initially intervene;
- the conclusion of credit agreements on behalf of lenders, where permitted.
The regime introduces particularly significant restrictions, expressly prohibiting credit intermediaries from intervening:
- in banking operations subject to the supervision of the Bank of Portugal which are not expressly provided for under the relevant decree-law; and
- in credit agreements granted by entities not authorised as lenders, namely individuals or legal entities who are not professionally and legally entitled to carry out credit granting activities in Portugal.
Such limitations are intended to ensure that consumers are exposed only to intermediation practices carried out within regulated and supervised credit circuits.
Credit intermediation activities may be carried out by duly authorised natural or legal persons, as follows:
- Entities with registered office or professional domicile in Portugal, if they obtain authorisation from the Bank of Portugal and are duly registered as credit intermediaries;
- Entities authorised in their Member State of origin under Directive 2014/17/EU (mortgage credit) and registered therein, which may operate in Portugal under the freedom to provide services or through the establishment of a branch, strictly within the scope of the authorisation granted. For other types of credit agreements or consultancy services, express authorisation from the Bank of Portugal may be required;
- Credit institutions, financial companies, payment institutions and electronic money institutions, if they do not act as lenders in the credit agreement concerned.
Access to the activity is conditional upon the submission of an application for authorisation to the Bank of Portugal and subsequent registration in the Register of Credit Intermediaries.
As a rule, registration is carried out ex officio by the Bank of Portugal. However, where authorisation is sought prior to the incorporation of the company intended to carry out the activity, the relevant entity must apply for registration following its incorporation.
A particularly relevant aspect of the regime is administrative silence: the absence of notification of a decision within 90 days (or 180 days, where additional documentation or clarifications are requested) gives rise to a presumption of tacit approval.
The regime further distinguishes three categories of credit intermediaries:
- Tied credit intermediary: acts in the name and under the responsibility of one or more lenders with whom it is contractually bound, being exclusively remunerated by such lender(s);
- Ancillary credit intermediary operates under a similar arrangement, in connection with the supply of goods or the provision of services;
- Non-tied credit intermediary: necessarily a legal entity, operating independently and on an impartial basis, being exclusively remunerated by consumers under a credit intermediation agreement entered with them.
The unlawful exercise of the activity without the required authorisation constitutes an administrative offence punishable by a fine ranging from EUR 750 to EUR 50,000 (natural persons) and from EUR 1,500 to EUR 250,000 (legal persons).
Belzuz Abogados, S.L.P. – Portugal Branch is an international law firm headquartered in Madrid, with offices in Lisbon and Oporto, providing regular legal advice to its clients in financial matters. Belzuz Abogados remains available to support clients throughout the authorisation and registration process before the Bank of Portugal, in the implementation of internal compliance procedures, and in the provision of ongoing legal advice in connection with the exercise of credit intermediation activities.