The Portuguese competition authority, known as AdC, has initiated a call for information aimed at gathering insights from consumers, public entities, banking firms, and other relevant stakeholders. This initiative seeks to address several key issues within the retail banking sector.

Specifically, the AdC is interested in understanding the difficulties consumers face when comparing banking or financial products, the challenges encountered during the contracting process, and the obstacles that hinder switching banks. Additionally, the authority aims to identify barriers to entry and expansion in the banking sector that may limit competition.

The retail banking sector is characterized by significant barriers to switching, which can lead to a stagnant customer base and reduced competitive pressure. This situation often results in lower incentives for banks to offer attractive deposit rates. In Portugal, current interest rates on new term deposits for households are notably less competitive compared to the euro average, particularly among the five largest banks.

To effectively address these issues, the AdC emphasizes the importance of assessing switching costs and identifying factors that contribute to them. The authority is inviting stakeholders to provide their comments and insights until September 24, 2025, to inform potential measures aimed at reducing barriers to switching in the retail banking sector.