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Aware of the growing sophistication of financial markets and the need to provide new banking products, in addition to the traditional term deposits to efficiently manage savings, Banco Espírito Santo is governed by a set of rules combining market knowledge and investor protection.
These include the following:
- Customer profile in accordance to experience and knowledge of financial products and markets divided into three classes: non professional customers (the majority of BES private customers), professional customers and eligible counterparties;
- Mandatory information collection on customers, viewing their classification;
- Mandatory adequacy of financial products and services to each type of clients, providing more detailed information to non professional customers about the financial intermediary, the nature and risk of financial instruments, associated costs, etc.;
- Definition and disclosure of BES order execution policy.
The European Union approved a Directive which takes into account increasing market sophistication and mandatory investor protection. This Directive known as MiFID (Markets in Financial Instruments Directive 2004/39/EC) introduced new rules for financial intermediation activities in the European Union.
It also classifies financial instruments (products and services) according to their complexity and liquidity and establishes the need to protect and provide full and comprehensive information to non professional clients.
Namely:
Simple financial instruments
- Shares;
- Bonds;
- Investment fund units;
- Retirement savings plans in the form of securities investment funds (SIF);
- Stock savings plan (SSP);
- Unit linked insurance products.
Complex Financial Instruments
- Structured productS;
- Derivative financial instruments (options, futures, swaps, forwards, FRA's, etc.);
- Certificates;
- Detached rights;
- Warrants;
- Participating bonds.
The Bank's financial activity is governed by European Union and Portuguese Laws and it is supervised by the three supervisory authorities relevant to the financial sector.
The Bank of Portugal supervises the prudential part (solvency, credit risks, etc) but also the behavioural part, i.e. the relationship between banks and their clients.
www.bportugal.pt
The Securities Market Commission (CMVM) supervises all operations performed in financial securities and exchange markets.
www.cmvm.pt
Finally, Instituto de Seguros de Portugal, exercises its supervisory authority in what concerns insurance products of both real branches (home, car, health, personal accidents), and life and capitalization branches.
In fact, few economic activities are as regulated and supervised as the banking business.
The Bank is proud of its open stance and practices vis-à-vis supervisory authorities and its strict compliance with the law, regulations, notices, common practices and codes of conduct governing its financial intermediation operations.
The Bank's concern with its customers' needs, offering innovating solutions in the different markets and segments where it operates has been a distinctive feature of BES for over one hundred years.
In order to better serve its clients and comply with all legal requirements, any customer wishing to subscribe investment instruments is invited to answer a set of questions viewing to assess the customer's:
- familiarity with complex financial instruments;
- investment horizons;
- expectations of return and risk associated to the customer's financial investments;
- level of experience with financial markets;
- perception of potential benefits as well as associated risks.
Based on the customer's answers to these questions, the Bank draws the customer risk profile. Based on this profile, the Bank assesses which financial products and services are adequate to such customer, and it will promote such products or abstain from doing it, depending on the profile.
Anyway, this is what the Bank already used to do. BES always sought to adjust its market practices to its customers' ultimate needs. This is how it has deserved the preference of its customers throughout decades of operation.
Claim management is crucial and brings added value to the Bank. A correct answer at both process improvement and communication levels ensures customer loyalty and establishes a trusting relationship with stakeholders.
BES has undertaken to answer all claims within 48h, knowing that this will strengthen the trustworthy relationship it already holds with its customers. In case this deadline is not met due to a problem's complexity, BES will keep the client informed about the evolution of the process, providing all clarifications with the utmost strictness and transparency.
To be available to clients requires the existence of different communication channels, adjusted to the expectations of different groups of clients. BES has different communication channels so that it can deliver an answer to all its clients:
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Branch network
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Branch network consisting of 731 branches and 44 offices ("Postos Avançados"), spread throughout the country, to reach all customers. |
| Corporate Centres and Private Centres |
24 Corporate Centres and 16 Private Centres with managers specialised in business analysis and management. |
| BESnet |
Internet service providing access to banking and financial operations, services and information. |
| BEScall |
click to call option, available also in Russian, Ukrainian and Romanian as from 2010. |
| BESchat |
Direct online communication channel. |
| BESdirecto |
Direct telephone channel to BES services. |
| BESnetwork |
International business platform enabling companies operating in different countries to have the same Internet Banking platform. |
| Online form |
Online service available 24h/day to receive suggestions or claims. |
| Telephone |
Telephone channel connected to a specialised team to solve problems and receive suggestions or claims. |
| Post |
Departamento da Qualidade de Serviço
Rua Castilho, nº 26, 2º
1250-069 Lisboa |
| Fax |
21 424 11 33 |
| E-mail |
satisfacao@bes.pt |
| Complaint Book |
Available at the whole BES branch network. |
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