Financial Dispute Arbiter

Clients may submit a request to the Financial Dispute Arbiter (ACF), established at CONSOB, for the out-of-court resolution of disputes between investors (other than professional clients) and independent financial advisors or financial advisory firms, as referred to in Articles 18-bis and 18-ter of the Italian Consolidated Financial Act (TUF). This applies to disputes concerning breaches by such advisors or firms of duties of diligence, fairness, information, and transparency in carrying out activities governed by Part II of the TUF, including disputes covered by Regulation (EU) No. 524/2013.

Disputes involving claims for amounts exceeding €500,000 are not within the scope of the Arbiter’s jurisdiction. Likewise, claims for damages that are not the direct and immediate consequence of a breach by the intermediary or that are non-financial in nature are excluded.

The right to apply to the ACF is inalienable and may be exercised even if the contract contains clauses referring disputes to other alternative dispute resolution bodies.

For further information, please visit the website: www.acf.consob.it