Banco de Portugal warns of unauthorized credit entity

The Banco de Portugal has issued a public warning regarding Formiga Crédito (operating via formiga-pt.com), stating the entity is not authorized to perform any credit-related activities in Portugal. This includes credit granting, credit intermediation, and providing consultancy services related to credit contracts.

In a separate effort to bolster consumer protection, the central bank clarified rules for credit intermediaries following an increase in complaints reported to DECO. The regulator emphasized that intermediaries are strictly prohibited from receiving payments from consumers intended for loan installments, amortizations, or any other amounts related to the execution of credit contracts.

Furthermore, the bank noted that linked and accessory credit intermediaries cannot charge consumers for their services, as their remuneration is provided exclusively by credit institutions. Only non-linked intermediaries may charge a fee directly to consumers, provided the amount is strictly for intermediation services, is communicated in advance, and is explicitly stated in the contract.