From 25 November, theOAM (Agents and Mediators Body) will have powers of control e sanctions against European Union credit intermediaries operating in Italy in the sector of real estate loans registered in the dedicated list, to protect consumers and oversee the transparency and competitiveness of the market.
Persons registered in the special register, operational from 22 February, I am currently 16.
Consumer protection supervision
The OAM, following the DM 13 September 2022, n. 172 of the Ministry of Economy and Finance, must watch on compliance with the provisions of the Consolidated Banking Act for consumer protection.
I Checks will take place remotely, with the request for information and documents, through personal hearings of the credit intermediaries and their employees and collaborators, and with inspections at the branches, to be carried out, however, after informing the competent authority of the Member State of origin. The control activities will be carried out on the basis of a periodic program or through reports and complaints.
The OAM, in case of conduct contrary to the rules on transparency and correctness of the information, will intervene asking the intermediary to put an end to the violation within a period of no less than 30 days. In the event of non-compliance, the Body, after informing the competent authority of the home Member State, will be able to use (based on the seriousness) all the sanctioning tools at its disposal: written warning, fine, suspension from exercising the activity for a period of 10 days to one year, until cancellation from the List. Before the start of the sanctioning procedure, there is the possibility of a precautionary suspension measure for a maximum period of eight months.
The initiatives must be promptly communicated to the EU Commission.
As regards credit intermediaries who operate under the freedom to provide services and who violate the legislation on transparency, the OAM will be able to inform the Authority of the country of origin.
