Banking and insurance dispute bodies coordinate consumer protection
The Bank of Italy, CONSOB and IVASS have agreed to coordinate banking, investment and insurance dispute resolution. Their memorandum extends existing cooperation to insurance disputes while preserving each adjudicating panel's independence.
Three systems coordinate their work
The Bank of Italy, the National Commission for Companies and the Stock Exchange (CONSOB) and the Institute for Insurance Supervision (IVASS) establish cooperation across three dispute-resolution systems.
These are the Banking and Financial Ombudsman (ABF), the Financial Disputes Arbitrator (ACF) and the Insurance Arbitrator (AAS).
Coordination covers legal questions, procedures, organization, quality oversight and financial education.
Periodic panel and support-staff meetings, joint training and information exchanges will cover cases rejected for lack of jurisdiction and disputes involving adjacent fields.
Cooperation may be bilateral or trilateral.
Jurisdiction follows the disputed relationship, contract or transaction and each authority's statutory remit.
Five years with automatic renewal
The authorities will help customers identify the competent body and, where possible, forward misdirected complaints under arrangements still to be agreed.
Information exchanges must comply with personal-data rules and strict confidentiality.
The memorandum takes effect upon signature, replacing the Bank of Italy–CONSOB agreement of March 26, 2025.
It lasts five years, renews automatically for the same period and permits amendments by mutual agreement.
All three authorities will make it available on their websites.
Coordination preserves separate jurisdictions
The memorandum extends existing banking and investment cooperation to insurance disputes rather than creating a single dispute-resolution body.
Each panel retains decision-making autonomy.
Forwarding misdirected complaints remains conditional on feasibility, agreed procedures and each body's rules.
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