It was presented last 3 April the Annual Report dell’Acf (Referee for financial disputes), with the data of the 2024 relating to disputes between financial intermediaries and their customers.
One hundred and sixty-five million euros have returned to the pockets of savers in eight years 2017 to date they have turned to the ACF.
The results show the growth in the economic relevance of the compensation requests submitted to the ACF. For the first time the average value of savers' claims has reached the record figure of over 70.000 €.
Two facts stand out above all:
- the increase in the percentage of appeals with the assistance of a lawyer despite the full free provision provided for appeals to the Arbitrator.
- the increase (+44,4%) of cases of early termination of proceedings following agreements between the parties (179 in 2024 against 124 of 2023).
The ACF decides on disputes concerning the violation of due diligence obligations by intermediaries, correctness, information and transparency that the legislation places upon them when they provide investment services and the collective savings management service (eg. trading or placement of securities, investment consultancy, asset management).
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It is possible to appeal to the ACF for disputes between a "retail" investor/saver and an "intermediary", as identified by the ACF Regulation: banks, securities brokerage company (sim) and entities that manage mutual investment funds (sgr, sicav and sicaf).
With regard to insurance products, the competence of the ACF is limited to financial/insurance products only. These are insurance contracts, characterized by a predominantly financial nature, belonging to life classes III and V.
To correctly identify them, it is necessary to verify unequivocally that one of these is present in the signed contract 3 dictions:
- “Unit-linked financial-insurance product” (Branch III);
- “Index-linked financial-insurance product” (Branch III);
- “capitalization financial product” (Ramo V).
Alex Gaetani
Source: Acf Press Release