The Banking and Financial Ombudsman (ABF) is an alternative dispute resolution system (ADR) that handles customer complaints about banks and other financial institutions.
The ABF is an impartial body that is independent of Banca d'Italia. It is represented throughout the country, with panels in Bari, Bologna, Milan, Naples, Palermo, Rome and Turin. It examines customers' complaints and decides who is in the right according to the law. It is a fast procedure with low costs.
The ABF has jurisdiction over disputes involving a banking or financial operation or service (e.g. current accounts, mortgages, personal loans and other financing agreements, including for the purchase of goods, payment cards, and Central Credit Register reports).
If, on the other hand, the dispute with the bank concerns the provision of investment services or activities (e.g. trading or placement of securities, investment advice, or asset management), it is possible to apply to the Financial Dispute Arbitrator (Arbitro per le Controversie Finanziarie - ACF), operating at Consob.
It is possible to apply to the ABF for:
- the recognition of a sum of money up to €200,000;
- the ascertainment of rights, duties and powers (e.g. the right to receive transparency documentation or to obtain the cancellation of a mortgage agreement after the mortgage loan has been paid in full) with no upper threshold to the amount.
The ABF is only able to consider complaints regarding transactions, services or conduct that occurred up to six years prior to the filing of the complaint.
The application may be made completely autonomously via the ABF's online Portal, where its progress can be followed.
Support activities for the ABF are carried out by the technical secretariats set up within Banca d'Italia's branches.
The ABF is part of the Fin-Net network set up by the European Commission and composed of European alternative dispute resolution bodies active in the banking, finance and insurance sectors. As the national competent authority for alternative dispute resolution systems, Banca d'Italia verifies that the ABF complies with the related legal requirements.
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Appeal to the Banking and Financial Ombudsman
The Banking and Financial Ombudsman (ABF) is an alternative dispute resolution system for customer complaints about banks and other financial intermediaries. It is an independent and impartial organization, with regional panels located in Bari, Bologna, Milan, Naples, Palermo, Rome and Turin.
