Regulatory Alerts2020-07-10
Decree of Urgency of the Minister of Economy and Finance - President of the CICR, July 10, 2020, No. 127
The Italian Minister of Economy and Finance, acting as President of the CICR, issued an urgent decree amending the July 29, 2008, CICR Deliberation No. 275 to enhance the efficiency and fairness of out-of-court dispute resolution systems for financial consumers. The amendments expand the definition of intermediaries subject to these systems, introduce a modest procedural fee of 20 euros refundable if the complaint is upheld, and establish a 90-day deadline for the dispute resolution body to issue a ruling, which can be extended by up to 90 days for complex cases. Additionally, the decree mandates that the Bank of Italy issue implementing provisions to standardize procedures, promote electronic communication, and allow for cost modulation based on party behavior to encourage rapid settlement.