Latest news and stories about consumer rights in finance in Portugal for expats and residents.
The Bank of Portugal (Banco de Portugal or BdP) is moving all digital banking complaints to the Electronic Complaints Book (Livro de Reclamações Eletrónico). This change aims to accelerate processing times, with the regulator now requiring financial institutions to respond within 15 days.
The Bank of Portugal (Banco de Portugal or BdP) has issued a new circular requiring banks to respond to all customer complaints within 15 business days. This update standardizes the response timeline, which previously varied depending on whether the complaint was filed through the bank's own book or directly with the regulator.
Banco de Portugal is Portugal's central bank, founded in 1846. It is a member of the European System of Central Banks (ESCB) and the Eurosystem, working alongside the European Central Bank (ECB) to implement monetary policy in the euro area.
Its main functions include supervising banks and financial institutions, ensuring financial stability, managing Portugal's gold and foreign currency reserves, and producing economic research and statistics. It also operates the payment systems infrastructure and issues banknotes.
Banco de Portugal is led by a Governor — currently Mário Centeno (since 2020) — who also sits on the ECB's Governing Council. For residents, the central bank matters because it regulates the banks they use, sets macroprudential rules (such as mortgage lending limits), and provides a complaints mechanism for banking disputes.
Financial institutions returned 8.91 million euros to customers in 2025 following interventions by the Bank of Portugal (Banco de Portugal or BdP). The regulator also noted an increase in consumer complaints, particularly regarding digital fraud and difficulties in closing bank accounts.
Mário José Gomes de Freitas Centeno (born 1966) is Portugal's central bank governor and one of the country's most internationally recognized economic figures. As Finance Minister under António Costa's first PS government, he became known as "Cristiano Ronaldo of European finance" for turning Portugal's deficit into a surplus while reversing austerity.
He was elected president of the Eurogroup (the informal body of euro area finance ministers) in 2018 — the first Portuguese to hold the role. Since becoming Governor of Banco de Portugal in 2020, he sits on the ECB's Governing Council and oversees Portuguese banking supervision and financial stability.
European Commissioner Maria Luís Albuquerque has highlighted her focus on improving financial literacy and strengthening consumer protections across the European Union. In a recent interview, she emphasized the importance of creating accessible investment opportunities for small savers and advocated for targeted, temporary measures to support vulnerable households and businesses during the ongoing energy crisis.
Maria Luís Albuquerque is serving as a European Commissioner and in the story she argued for strengthening supplementary pensions to diversify retirement income and increase the role of insurers as institutional investors. She previously served in national government as Portugal's finance minister (2013–2015), so her comments matter for pension policy discussions in Portugal and at EU level.
The cost of an essential food basket containing 63 products has reached a new record of 260.89 euros, according to the consumer protection organization Deco Proteste. This marks the seventh consecutive week of price increases, with the basket becoming 1.37 euros more expensive than the previous week. The current price is the highest recorded since the organization began monitoring these costs in January 2022.
A recent conclusion from the Advocate General of the European Union regarding case C-70/25 suggests that banks may no longer use 'gross negligence' as a blanket defense to deny reimbursement for digital fraud. The opinion argues that financial institutions should be required to reimburse unauthorized transactions immediately, shifting the burden of proof onto the banks if they wish to pursue claims of customer negligence.
