The Arbitrator for banks and financial institutions has been available to the public since 15 October 2009.
It is a resolution system dedicated to resolving disputes between clients and banks and other financial service providers. It is called ‘out-of-court’ because it offers a simpler, faster and less expensive alternative to litigation.
Clients can only contact the Arbitrator for banks and financial institutions if they have already attempted to solve the problem directly with the bank or financial service provider and have not received a reply within 30 days or are dissatisfied with the reply.
Disputes can be submitted to the Arbitrator for banks and financial institutions if they concern banking and financial services in general and refer to events that occurred after 1 January 2007 and do not exceed a value of 100,000 Euro. Should the complaint refer instead to the mere ascertainment of rights, obligations and powers, no limit to the value exists.
For further information on the Arbitrator for banks and financial institutions in English, please read the attached ‘Guide to the Arbitrator for banks and financial institutions‘ and, in Italian, please read the “Guida pratica” of Banca IFIS that is available at our branches and on the following website of the Arbitrator for banks and financial institutions www.arbitrobancariofinanziario.it.