The regulator will assess whether customers can retain their existing IBAN when moving to another financial institution, a step that could significantly simplify bank switching. The requirement to change account numbers currently discourages many clients from moving to competitors, even when better terms are available. The Competition Authority has urged action on the issue, and Bank of Portugal Governor Álvaro Santos Pereira confirmed that the technical feasibility of IBAN portability will be evaluated. Proposals to streamline account opening and closure procedures are also expected soon. Officials say the measures would address customer concerns and strengthen market competition, with earlier suggestions including the creation of an independent switching body. Material taken from https://t.me/s/lepta