The Bank of Italy, the Italian Companies and Exchange Commission (CONSOB) and the Institute for Insurance Supervision (IVASS) have signed an agreement to coordinate their banking, securities and insurance ombudsman schemes. The memorandum extends existing cooperation between the Banking and Financial Ombudsman (ABF) and the Securities and Financial Ombudsman (ACF) to the Insurance Ombudsman (AAS), replacing the bilateral agreement signed on March 26, 2025. The framework addresses uncertainty over which scheme should handle a complaint, with jurisdiction interpreted by reference to the underlying relationship, contract or transaction and the authorities’ respective mandates. Information exchanges will cover common legal and procedural issues, specific cases and complaints rejected for lack of jurisdiction. The authorities will help customers identify the appropriate ombudsman and, where possible, facilitate forwarding misdirected complaints, with operational arrangements still to be agreed. Cooperation also covers checks on scheme quality and joint public information and financial education initiatives, while preserving each ombudsman’s decision-making independence.
Bank of Italy signs joint agreement extending ombudsman cooperation to insurance disputes
The Bank of Italy and Italy’s securities and insurance regulators have signed an agreement extending existing ombudsman cooperation to insurance disputes. The framework provides for information sharing and assistance in directing complaints to the appropriate body, including forwarding misdirected cases where possible.