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A responsabilidade civil pela violação dos deveres de informação e de adequação no âmbito da consultoria financeira automatizada
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O crescimento da consultoria financeira automatizada surge como expressão da rápida evolução tecnológica e crescente automatização dos serviços, fatores que obrigaram o setor financeiro a adaptar-se. Assim, o fenómeno da FinTech exige que legislador adapte e crie, sempre que necessário, os quadros normativos a fim de dar resposta aos desafios que nascem e que, muitas das vezes, podem comprometer a segurança jurídica e direitos fundamentais do cidadão. Na consultoria financeira automatizada, a utilização do robot-advisor ganha especial relevo sendo, por isso, necessário avaliar qual é o papel assumido pelo intermediário financeiro na prestação deste serviço, designadamente, como é que este dará cumprimento aos deveres legais e regulamentares aos quais se encontra obrigado e de que modo poderá ser acionado o instituto da responsabilidade civil, nomeadamente, no que respeita à imputação da culpa e nexo de causalidade quando a intermediação financeira é feita através de software/inteligência artificial. Ao longo da presente dissertação, iremos procurar densificar a prestação do serviço de consultoria financeira automatizada nas suas diferentes modalidades e o modo como os deveres a que o intermediário financeiro está vinculado são cumpridos com a utilização de um robot-advisor. Neste quadro, importará atender ao papel do potencial investidor quando recorre a este tipo de serviço e aprofundar as diferentes vias de responsabilidade que poderão ser desencadeadas nos casos em que o investidor venha a sofrer prejuízos decorrentes do recurso pelo profissional ao robot-advisor. Com efeito, ao longo do presente estudo, iremos defender que, atualmente, pese embora as características dos sistemas de inteligência artificial, não é ainda possível responsabilizá-los atribuindo-lhes uma autonomia jurídica. Ademais, densificaremos as razões pelas quais não podemos autonomizar o robot-advisor da figura do intermediário financeiro, pese embora alguma doutrina defenda tal distinção. Por isso, em última instância, trataremos sempre de uma responsabilidade do profissional, isto é, do intermediário financeiro, pelos danos que o robot-advisor venha a gerar na esfera jurídica do investidor lesado. Adicionalmente, defenderemos que o quadro normativo nacional e europeu vigente consegue dar resposta ao problema da imputação dos danos associados à utilização de robot-advisors, embora careça de algumas adaptações, não obstante analisaremos com o devido detalhe o recurso à responsabilidade delitual, obrigacional e responsabilidade objetiva.
The growth of automated investment advice represents the rapid technological evolution and increasing automation of services to which the financial sector has adapted. Therefore, the FinTech phenomenon requires the legislators to adapt and create, whenever necessary, current regulatory frameworks to respond to emerging challenges, which can often compromise legal certainty and the fundamental rights of citizens. In automated investment advice, the use of robot-advisor gains special relevance. Therefore, it is necessary to evaluate the role the financial intermediary plays in providing this service and how they will comply with the legal and regulatory duties to which they are obliged. This is essential for activating the institute of civil liability, particularly concerning the attribution of guilt and the causal link when financial intermediation is carried out through software/artificial intelligence. Throughout this dissertation, we will examine the provision of automated investment advice in its various modalities and how the duties of the financial intermediary are fulfilled through the use of a robo-advisor. In this context, it is important to consider the role of the potential investor when using this type of service and to detail the different paths of liability that can be triggered when the investor suffers losses due to the professional's use of a robo-advisor. In fact, throughout this study, we will argue that, currently, despite the characteristics of artificial intelligence systems, it is not yet possible to hold them responsible by granting them legal autonomy. Furthermore, we will clarify why we cannot separate the robo-advisor from the figure of the financial intermediary, despite some doctrines advocating for such a distinction. Ultimately, we will always address the responsibility of the professional, that is, the financial intermediary, for the damages that the robo-advisor may cause to the legal sphere of the injured investor. Additionally, we argue that the current national and European regulatory frameworks can address the issue of attributing damages associated with the use of robo-advisors. However, we will also analyse in detail the use of delictual, contractual, and objective liability, noting the necessary adaptations.
The growth of automated investment advice represents the rapid technological evolution and increasing automation of services to which the financial sector has adapted. Therefore, the FinTech phenomenon requires the legislators to adapt and create, whenever necessary, current regulatory frameworks to respond to emerging challenges, which can often compromise legal certainty and the fundamental rights of citizens. In automated investment advice, the use of robot-advisor gains special relevance. Therefore, it is necessary to evaluate the role the financial intermediary plays in providing this service and how they will comply with the legal and regulatory duties to which they are obliged. This is essential for activating the institute of civil liability, particularly concerning the attribution of guilt and the causal link when financial intermediation is carried out through software/artificial intelligence. Throughout this dissertation, we will examine the provision of automated investment advice in its various modalities and how the duties of the financial intermediary are fulfilled through the use of a robo-advisor. In this context, it is important to consider the role of the potential investor when using this type of service and to detail the different paths of liability that can be triggered when the investor suffers losses due to the professional's use of a robo-advisor. In fact, throughout this study, we will argue that, currently, despite the characteristics of artificial intelligence systems, it is not yet possible to hold them responsible by granting them legal autonomy. Furthermore, we will clarify why we cannot separate the robo-advisor from the figure of the financial intermediary, despite some doctrines advocating for such a distinction. Ultimately, we will always address the responsibility of the professional, that is, the financial intermediary, for the damages that the robo-advisor may cause to the legal sphere of the injured investor. Additionally, we argue that the current national and European regulatory frameworks can address the issue of attributing damages associated with the use of robo-advisors. However, we will also analyse in detail the use of delictual, contractual, and objective liability, noting the necessary adaptations.
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Intermediário financeiro Fintech Automatização Inteligência artificial Responsabilidade civil Teses de mestrado - 2025 Financial intermediary Fintech Automatisation Artificial intelligence Civil liability