Bank of Italy Deputy Governor Sergio Nicoletti Altimari outlined principles for preserving consumer control and accountability as artificial intelligence (AI) takes on more autonomous financial tasks, in his welcome address at the 13th Joint European Supervisory Authorities Consumer Protection Day in Rome. Consumer protection should be embedded in services from design through deployment, with understandable explanations, opportunities to challenge decisions and access to redress. Responsibility toward consumers must remain with people and institutions even when tasks are delegated to AI. Agentic AI, which can plan and execute actions on users’ behalf, could help consumers compare products, manage finances and initiate transactions. Its autonomy also creates risks because a transaction may use valid credentials and remain within delegated limits without reflecting the consumer’s intent. Consumers therefore need to define agents’ tasks and limits, monitor and challenge their actions, and stop operations or revoke instructions. Providers should check identity, consent and authorization for material decisions, maintain traceable and auditable actions, and ensure human oversight proportionate to the potential financial impact. Supervisors should assess whether firms’ governance and safeguards preserve consumer control and allocate responsibility clearly. Complaints and consumer reports can reveal fraud, manipulation and actions inconsistent with users’ intentions, with particular attention needed for vulnerable consumers. AI tools supplied by entities outside the financial regulatory perimeter may create protection gaps, making cooperation among authorities responsible for implementing the AI Act relevant to identifying and addressing emerging risks.

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