The Arbitrator for financial disputes, the new instrument set up at Consob on which savers can count on to resolve disputes with intermediaries out of court, is operational as of today. This was announced by the Commission itself, explaining that on the site www.acf.consob.it, accessible from today, interested savers can find in video format and via a brochure explanatory all the information useful to understand who can appeal to the Arbitrator, under which conditions, through which procedure and in which times.
The ACF, Consob explains, "is available to small investors who find themselves having a dispute with their intermediary (bank, investment firm, asset management company) for complaints concerning the alleged violation of rules on correct conduct and information transparency. Savers who have already lodged a complaint with the intermediary without having received an answer in the following two months or if the answer was unsatisfactory can appeal to the Arbitrator”.
Once the complaint has been made and the two months have passed, the Commission continues, “the next step is to appeal to the Arbitrator. The body intends to make available to savers an agile and efficient tool for resolving disputes with intermediaries up to a maximum value of 500.000 euros outside the courts. Recourse to the Acf is completely free for savers. The timing of the ruling is rapid: the Arbitrator is required, in fact, to close the dispute within a maximum of six months”.
The Acf is a collegial body, in which the various components of the financial market are represented: in addition to the President, four members form part of it, two of which are indicated by Consob and two are respectively the expression of the consumer category associations and the financial industry .
