Regulatory Alerts2008-07-29
CICR Deliberations and Urgent Ministerial Decrees - Deliberation of 29 July 2008, No. 275
The Interministerial Committee for Credit and Savings (CICR) issued Deliberation No. 275 of 29 July 2008 to mandate that banking and financial intermediaries in Italy adhere to standardized out-of-court dispute resolution systems for customer complaints. The regulation establishes uniform procedural rules, caps dispute amounts at EUR 100,000, guarantees free access for customers with a nominal EUR 20 fee reimbursable upon success, and defines the impartial composition, appointment, and operational timelines of adjudicating panels overseen by the Bank of Italy. It further requires intermediaries to implement internal complaints offices, comply with panel decisions within 30 days, and publicly disclose non-compliance, thereby enhancing consumer protection and reducing legal and reputational risks for financial institutions.