The Bank of Italy and the National Commission for Companies and the Stock Exchange (Consob) have entered into a Memorandum of Understanding aimed at regulating forms of collaboration between the Financial Banking Arbitrator (ABF) and the Financial Disputes Arbitrator (ACF ), alternative dispute resolution systems between customers and banking and financial intermediaries, respectively competent in the sector of banking and financial transactions and services and investment services and activities.
The Protocol, as a guarantee of a higher and more effective level of customer protection, promotes the establishment of coordination and information exchange mechanisms between the ABF and ACF systems, in compliance with the autonomy of the respective Colleges, on issues of common interest as well as on public disclosure and financial education initiatives.
Coordination between systems takes place through the following tools:
i) periodic meetings (at least every six months or upon specific request) between the President of the ACF and/or members of the College of the ACF and the President of the Coordination College of the ABF and/or one or more Presidents of the territorial Colleges of the 'ABF, concerning questions, of ritual or merit, of possible interest for the decision-making activity of the Colleges;
ii) meetings (on a regular basis or upon specific request) between the support structures, in the event that the discussion concerns procedural and organizational issues or concerning the activity carried out in the role of competent national authority;
iii) joint participation in training initiatives on matters of common interest;
iv) periodic exchanges of information relating to the cases of appeals declared inadmissible by the respective decision-making bodies due to the recognized incompetence for the matter.
