Financial Dispute Arbitrator
The Financial Dispute Arbitrator operating at Consob and the Memorandum of Understanding
If the dispute between customer and intermediary does not concern banking and financial services (e.g. current accounts, credit or debit cards, personal loans or mortgages and reports to the Central Credit Register) but rather investment services and activities (e.g. securities trading or placement, investment advice and asset management), the customer may contact the Financial Dispute Arbitrator (FDA), an ADR body established by Consob pursuant to Legislative Decree 130/2015 (implementing Directive 2013/11/EU), which has been active since 9 January 2017. For information on the activity carried out by the Financial Dispute Arbitrator, please consult the Annual Report.
On 19 March 2020, the Bank of Italy and Consob drew up a Memorandum of Understanding aimed at regulating cooperation between the ABF and the ACF. The Protocol, which guarantees a higher and more effective level of client protection, promotes the establishment of coordination and information exchange mechanisms between the ABF and the ACF systems, respecting the independence of their respective Panels, on issues of common interest as well as on public information and financial education initiatives.