Glossario

Consumer safeguards may be used by those who have had a problem with a bank or financial intermediary. Specifically, a consumer may:

• submit a complaint directly to the intermediary;
• seek redress from a system for alternative dispute resolution;
• submit the dispute to the civil courts.

All intermediaries are required to establish a complaint office which must respond to consumer complaints within 60 days from the date in which the complaint is received. Usually, the information on the complaint office and on how to submit a complaint are available on the intermediary's website.

If the intermediary does not respond to the customer within 60 days, or if the customer is not happy with the reply, he or she can appeal to:

• one of the systems for alternative dispute resolution;
• the civil courts.

The Banking and Financial Ombudsman (Arbitro Bancario Finanziario - ABF) was created in 2009 as a system for alternative dispute resolution between customers and intermediaries. If the complaint falls within the jurisdiction of the ABF, it can be dealt with in a short time and at a low cost (€20). The information concerning the functioning of the ABF and how to file a complaint can be The customer can also submit a complaint to Banca d'Italia. Upon receipt of a complaint, the Bank of Italy usually sends a copy to the intermediary requesting the intermediary to timely and thoroughly respond to the customer; it investigates the issues reported and checks that the relations between customers and intermediaries are sound; and it may collect further information to carry out its supervisory function. In case Banca d'Italia is not competent to deal with a complaint, it forwards it to the competent authority, if not already engaged, and advises the customer accordingly. For more details, see the Bancad'Italia's website.