Rights and protection

Test yourself with this five-question quiz on banking and financial dispute resolution. Learn how to file a complaint and about the functions of the Banking and Financial Ombudsman (ABF) and the Securities and Financial Ombudsman (ACF).

In the event of a dispute between a customer and an intermediary concerning banking and financial services, which of these parties can intervene with decisions on the merits of the contractual relationship?

Correct answer D. The Banking and Financial Ombudsman (ABF).

The Banking and Financial Ombudsman (ABF) is a system for out-of-court settlement of disputes (Alternative Dispute Resolution - ADR) that may arise between customers and banks and other intermediaries regarding banking and financial transactions and services. It's an alternative, simpler, faster and cheaper opportunity for protection than that offered by the civil courts. The ABF is an independent and impartial body as regards its tasks and decisions, supported in its work by Banca d'Italia. After a decision by the ABF, the party concerned may still appeal to the civil courts.

Are ABF decisions as binding as those of a court judge?

Correct answer B. No, but intermediaries usually complies with the ABF's decision.

The ABF decides who's right and who's wrong: although not binding on the parties, there's a very high rate of adherence to its decisions by intermediaries. If the intermediary doesn't comply with them, notice of the non-execution is made public. After a decision by the ABF, the party concerned can still appeal to the ordinary courts.

How much does it cost to file a complaint to the ABF?

Correct answer C. €20, but in the event of victory the costs of the decision are borne by the intermediary.

There is a €20 fee for the procedure. If the complaint is successful, even in part, the intermediary is obliged to reimburse the €20 to the client.

To file a complaint with Banca d'Italia, you must:

Correct answer D. Access Banca d’Italia's Online Services website.

Filing a complaint with Banca d'Italia is simple, free of charge and does not require the assistance of a lawyer. Simply go to https://servizionline.bancaditalia.it.

When can you make a complaint to the Securities and Financial Ombudsman (ACF)?

Correct answer A. When the intermediary that has provided you with an investment service or a collective asset management service has breached its obligations to you and you've suffered a damage.

The ACF has the power to resolve investment service disputes. It isn't a judge, but an alternative to the court, which is why it's called an 'out-of-court' dispute resolution body. Its purpose is to defend investors against irregular and improper behaviour by those offering investment services.

You can seek recourse in two cases:

if you've suffered damage because the intermediary that provided you with an investment service breached its obligations towards you
if you've suffered damage because the intermediary that offered you a collective asset management service (e.g. an asset management company) breached its obligations towards you.

If you want to claim compensation, the sum you ask for can't exceed €500,000, even if the loss you've suffered is potentially higher. If you've already used another alternative dispute resolution body for the same problem, the claim to the ACF can't be accepted.

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Rights and protection

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