La credit revolution launched yesterday by the Renzi government decree with theabolition of per capita voting (“One person, one vote” regardless of the number of shares held) for the ten largest public banks which in 18 months will have to turn into joint stock companies and thus become more contestable and more oriented towards new mergers risks overshadowing another very important decision taken yesterday by the Council of Ministers for the benefit of consumers.
Anticipating the annual law on competition that will be approved in mid-February, the Government has decided to speed up e simplify portability and that is the possibility that a consumer passes from one bank to another bringing with him his current account and all effects (payments, credits, bills, etc.) connected to it.
The Government has established that portability must take place within a very short time and above all that the cost of closing the old current account must be paid for by the bank.
This is a measure, repeatedly requested by the Antitrust Authority and by consumer associations, which helps to further increase competition between banks and satisfy the needs of customers who from now on will be able to choose their preferred bank more easily without additional charges .
