Nicoletti Altimari calls for consumer control over financial AI
Bank of Italy Deputy Governor Sergio Nicoletti Altimari said consumers must retain control when delegating financial tasks to AI. Speaking in Rome, he called for traceable actions, human oversight and clear responsibility for consumer outcomes.
Delegation without surrendering control
At the 13th Joint European Supervisory Authorities Consumer Protection Day on November 4, 2026, Nicoletti Altimari said agentic AI can execute financial tasks autonomously.
It can reduce search and transaction costs, compare products and initiate payments.
But valid credentials and compliance with delegated limits do not guarantee that transactions reflect consumer intent.
Consumers must define agents' tasks and limits, monitor and challenge actions and stop operations or revoke instructions.
Providers must check identity, consent and authorization for material decisions, ensure traceability and auditability and maintain proportionate human oversight.
Responsibility must remain with people and institutions.
Protection starts before deployment
Nicoletti Altimari called for protection by design, accessible products and explanations, fair treatment and redress.
AI benefits require reliable data, models and controls.
The Bank of Italy supports financial and digital literacy through school and adult programmes and its education portal.
Supervisors must use complaints and consumer reports to detect fraud, manipulation and failures to reflect user intent, with attention to vulnerable consumers.
Cooperation among AI Act authorities can address risks from providers outside the financial regulatory perimeter.
Authority is not intent
Delegated authority does not settle whether an AI payment reflects the consumer's wishes.
Nicoletti Altimari therefore places accountability and the ability to intervene alongside technical controls.
His benchmark for innovation is consumer outcomes, not technological sophistication.