enasacentroamerica Financial Information For Better Live

Beginning with the procedures for bank transparency

Yesterday the Bank of Italy has published the rules regarding the operation of bank transparency. Through this action is intended to simplify the language of banking procedures and improve the customer-bank relationship.
Bank of Italy published a report which outlined a few things:

The rules are designed to provide customers with clear and accessible, ensuring the accurate perception of all costs related to the services offered, their easy comparability with offers from other intermediaries, the understanding of rights that customers and the ways in conquest can be activated and applied in practice. The new rules, graduate the type of service and customer characteristics which it is addressed, include:

• simplification of the content of documents intended for customers, and – for the latest product diffuse, prevalent as current accounts and mortgages offered to consumers – the adoption of schemes “standard” prepared by the Bank of Italy;
• Clearer illustration of the rights of customers, achieved through the predisposition of some practical guides on models developed by the Bank of Italy;
• Greater immediacy of the information given, especially on the cost of services: the use of summary measures of cost is also required for the reliable and current accounts for the retail customers, as well as for mortgages and consumer credit as currently planned;
• sending to the holder of a summary of all expenses incurred in the year, which allows easily, compare the actual costs of current account with those of similar products on the market
• the discipline of a simple current account, designed on the basic needs of consumers, which will include a certain number of transactions and will be characterized by a fixed annual fee;
• The criteria for the preparation and presentation of documents, is which must be expressed in a simple and clear language.

The key point of the new provisions and obligations of transparency and complementarily is between organizations of brokers. Businesses are then asked to adopt procedures to ensure that be given adequate attention to the customer in every phase of making, from the product, sale, up to the management of any complaints.

The rules will be published in the Official Journal; intermediaries are required to adapt by 31 December.
This is the press release in which the Bank of Italy announced the beginning of a new era in which the statements will be readable and you will understand why we pay certain costs.

But banks will keep abreast with the criterion of “good father” or disengaged as they did for the standard Bersani years ago?

Do you remember how much time was spent before the law was respected?
I remain very doubtful about the implementation of this regulation, however, are very happy to see that finally it was noted the problem of banking communities.

I think everyone we dealt with the banks and that each of us knows the complexity of the topic and the need for simplification. We will see later in December the results obtained by this legislation.