AGCM

According to the Authority, Crédit Agricole marketed the 'Mutuo Crédit Agricole Greenback' by presenting cost simulations that failed to incorporate in the APR the entire cost of the credit protection policy necessary to obtain the promotional interest rate discount. Additionally, the product was advertised on online mortgage comparison platforms, albeit with insufficient disclosure that the offer relied on specific conditions.

The Italian Competition Authority opened an investigation against Crédit Agricole Italia S.p.A.

In particular, Crédit Agricole, through its online mortgage simulations on both its website and mortgage comparison sites, is said to display an APR that excludes the cost of the credit protection insurance (CPI) - required to secure a reduction in the mortgage interest rate - for the full term of the loan. On the other hand, the bank would account for the cost of the CPI policy solely during the first twelve months after the loan is finalized.

Moreover, some comparison websites offering this deal, while highlighting the benefits through mortgage simulations, fail to sufficiently emphasise the conditions needed for eligibility, such as acquiring a CPI policy for an interest rate discount or purchasing a property in energy class A or B to receive waiver on investigatory fees, instalment collection fees, and file management fees.

Ultimately, the mortgage simulation pages do not inform consumers that the promotional discount on the interest rate differs based on the channel (online, branch, or other intermediaries) through which the consumer applies for a loan from Crédit Agricole.

Yesterday, officials of the Authority carried out inspections at the premises of Crédit Agricole Italia S.p.A. with the help of the Special Antitrust Unit of the Italian Financial Police (Guardia di Finanza).

Rome, 30 October 2024