A relação entre a supervisão comportamental do Banco de Portugal e a literacia financeira

• Autor(a) principal: Martins, Diogo Emanuel Trabulo
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/26961
• topic: Supervisão comportamental; Banco de Portugal,; Literacia financeira; Economia comportamental; Market conduct supervision; Financial literacy; Behavioural economics; Direito

The 2007-2008 financial crisis emphasised the need to rethink the evolution of regulation and supervision in financial markets, as well as how to mitigate market failures. With that in mind, market conduct supervision was introduced in the Portuguese legal system via DL nº 1/2008, de 3 de Janeiro, stressing the obligations of providing information to the clients. This decree also came with a wider fiscalisation ad regulation of the conduct of credit institutions, so to stimulate trust in institutions and in the financial markets in a contexto where the information clientes have on the products is asymmetrical and imperfect. This paper aims to show the importance of this market conduct supervision model to customer protection, linking financial literacy and Banco de Portugal’s role in market conduct supervision, demonstrating the need to complement market conduct supervision in what concerns institutions with the behavioural flaws of the customers. We emphasise theories in behavioural economics that consider the unpredictability of the economic agente and analyse the consumers’ behaviours based on psychological, emotional or cognitive aspects. We argue that, by knowing the behaviours and the biases of the agentes, we can plan a more effective intervention rather than a passive model of information and education, and this is where we find the complementary link between financial literacy and the regulation and supervision of financial markets.