The Bank of Italy has set up two new departments: "Customer protection and financial education" and "Money circulation and retail payments". The green light came on Friday from the Superior Council of the central institute.
The first structure – entrusted to the guidance of Magda White, current head of the customer protection and anti-money laundering service - aims "to strengthen individual protection tools for people who use banking and financial services and to increase the level of financial awareness of the population", reads the note from Bank of Italy. In particular, the department will carry out three activities:
- Supervision of the behavior of intermediaries;
- Individual consumer protection
- Financial education.
As for the "Monetary circulation and retail payments" department, it was set up "in response to recent, rapid developments in the sectors of electronic payments, cash and financial services with a high technological content", continues Bankitalia. The number one of the new department will be Francesco Nicolò, until now deputy head of the monetary circulation and budget department.
The Banknotes and Monetary Circulation Management Services, currently located in the Monetary Circulation and Balance Sheet Department, merge into the department – continues the Bank of Italy – The newly established Retail Payment Instruments and Services Service will be responsible for overseeing the services and retail payment instruments; the Secretariat of the Coordination Committee for FinTech applications to payments and financial services will also be located inside it".
Finally, the central institution announced that Gian Luca Trequattrini, until now head of the Secretarial Service of the Directorate and Communications, has been appointed general officer.
