Brazilian bank customers to get better protection

The Brazilian Monetary Council (CMN) has approved a resolution, entitled the Bank Consumer Code, establishing rights and obligations in the relationship between consumers and financial institutions. Following an opinion poll and analysis of over 280 suggestions from individual and corporate consumers as well as other bodies, the CMN has determined that banks are to be prohibited from automatically transferring funds from common bank accounts or savings accounts to other investment accounts without the prior consent of the account-holders.