Banca d'Italia promotes correct and transparent relations between banking and financial institutions and customers, based on clear and easy-to-understand information about banking, financial and payment products and services. A transparent and fair context makes it easier for customers to find the most suitable products in terms of characteristics and costs, and to make informed choices.
Banca d'Italia also oversees the correct application of the rules governing the rights and obligations connected with the performance and use of payment services and instruments. This encourages competition between operators, helps to improve services and influences the overall level of customer trust in the financial system, thereby ensuring it functions smoothly.
The competences assigned to Banca d'Italia regarding protection are based on a regulatory framework built on international principles and EU and national rules, and consist of regulatory functions and interventions that, together with its other supervisory purposes, aim to:
- promote fair behaviour towards customers and ensure compliance with banking conduct rules;
- reduce legal and reputational risks for banking and financial institutions and increase public trust in banking and financial operators;
- contribute to the stability of the financial system as a whole.
The rules on the transparency of contractual conditions and fair relations with customers are applied to banking and financial products and services (for example, current accounts, deposits, loans and payment services) provided in Italy. Banks and financial institutions are obliged to ensure that customers' rights are respected for the entire duration of the contractual relationship by means of:
- effective organizational safeguards and controls to ensure compliance with the rules on customer protection;
- information that is clear, complete and easy to understand, regardless of the distribution channel used and which is calibrated according to the type of customer, including potential ones;
- conduct based on fairness both in the placement phase and during the course of the relationship;
- effective management of any complaints and disputes that may arise.
Banca d'Italia contributes to the work of international organizations on consumer protection; it issues secondary legislation on the aspects of its competences attributed by law; it verifies the compliance of banking and financial institutions with the rules on customer protection, through requests for information and documentation, interventions to solve problems found during controls, inspections at branches and directorates general, and monitoring websites; and it publishes guidelines, news and communications. If it finds irregularities or unfair conduct, Banca d'Italia can intervene by asking for corrective measures to be adopted at organizational level or regarding business practices, and by activating the administrative powers envisaged by the law, specifically:
- ordering sums of money improperly received to be paid back to customers or, in more serious cases, suspending a financial intermediary's activities or adopting other injunctions;
- imposing administrative sanctions in cases of significant infringements.
Banca d'Italia's regulatory and supervisory powers do not concern investment services and activities or the placement of financial products for investment purposes. Customers can also report unfair conduct or anomalies to the complaints offices of banks and financial institutions. If the complaint is not answered within 60 days or if the response is not satisfactory, the customer can contact the ABF, the organization for alternative dispute resolution that deals with customers' complaints. Furthermore, customers can submit a complaint to Banca d'Italia to report problems in their relationships with banks and financial institutions. Customers' reports provide additional information that is useful for the Bank's supervisory work.
Further information
Related Topics
Banking and financial supervision
Banca d'Italia exercises banking and financial supervisory powers over banks, banking groups, financial intermediaries, electronic money institutions and payment institutions. Its supervisory powers have their legal basis in a regulatory framework defined by international, European Union and national laws.
