JOINT PRESS RELEASE OF 20 OCTOBER 2014

Memorandum of Understanding between the Bank of Italy and
the ANTITRUST AUTHORITY relating to consumer protection
in the banking and finance market

The Governor of the Bank of Italy, Ignazio Visco, and the President of the Italian Competition Authority (ICA), Giovanni Pitruzzella, have signed a Memorandum of Understanding in the field of consumer protection in the banking and finance market.

The Memorandum, replacing the previous one dated 22 February 2011, strengthens the co-operation between the two Authorities in order to make the protection of consumers in dealing with banks and financial intermediaries more effective. In particular, the Memorandum aims to encourage the development of co-operation through:

‐  the co-ordination of institutional interventions on areas of common interest;

‐  reciprocal reports of cases where, in proceedings for which they are responsible, each of the two Authorities considers instances of possible violations of competence of the other;

-  the setting up of a permanent working group on the implementation of the Memorandum in order to promote discussion on issues of common interest relating to consumer protection in dealing with banks and financial intermediaries;

-  the exchange of documents and information on the proceedings by each Authority in exercise of the powers mentioned in the introduction;

-  the release by the Bank of Italy of opinions in proceedings relating to unfair commercial practices initiated by the Antitrust Authority against operators of the banking and financial sector.

Within one year from the date of signing of the Memorandum, the Authorities will initiate a process for the revision of the document, without the possibility of agreeing even before any additions and changes that may be necessary.

The whole document can be seen on the websites www.bancaditalia.it and www.agcm.it.