The Portuguese Securities Commission published its 2025 report on complaints and information requests, recording 271 complaints, up from 269 in 2024 but still the second-lowest total of the past decade. Information requests fell 7% to 5,278, the second-highest level in five years. Requests concerning unauthorized investment intermediation nearly doubled their share to 7.8% and frequently involved suspected fraud by entities or platforms not authorized to operate in Portugal. Custody, interest and dividends accounted for 38% of complaints, while order execution represented 31%. Shares were involved in 42% of complaints, compared with 24% for investment funds. Of 250 complaint procedures concluded, 54% ended unfavorably for the complainant and supervised entities met the complainant’s request in 40%. For a seventh consecutive year, no supervised entity failed to provide redress where the CMVM found the complainant’s position justified. The report also reviews the CMVM’s expanded fraud-prevention measures in 2025, including a dedicated Investor Portal section and warnings about social media scams and identity misuse. It confirms that the Financial Instruments Comparison Tool, initially covering retirement savings products structured as investment funds and comparing returns, costs and risk, is expected to expand to other financial instruments in 2026.
2026-04-02Portuguese Securities Commission (CMVM)
Portuguese Securities Commission reports 271 complaints in 2025 as unauthorized intermediation inquiries rise
The Portuguese Securities Commission received 271 complaints in 2025, the second-lowest annual total in a decade, while information requests fell 7% to 5,278. Unauthorized investment intermediation became the second-largest inquiry category at 7.8%, often involving suspected fraud. The report also confirms plans to expand the CMVM’s financial instrument comparison tool beyond investment fund-based retirement savings products in 2026.