Clients can appeal to the Financial Disputes Arbitrator (Arbitro per le Controversie Finanziarie – ACF), established at Consob, for the extrajudicial resolution of disputes between investors (other than professional clients) and independent financial advisors and financial consulting companies as referred to, respectively, in articles 18-bis and 18-ter of the Consolidated Law on Finance (TUF), regarding violations by these entities of the obligations of diligence, fairness, information, and transparency in the conduct of activities regulated by Part II of the TUF, including disputes subject to Regulation (EU) No. 524/2013. Disputes involving the request for sums of money exceeding five hundred thousand euros are not within the scope of the Arbitrator’s operations. Excluded from the Arbitrator’s jurisdiction are damages that are not the immediate and direct consequence of the intermediary’s non-compliance or violation of the above-mentioned obligations and those that are non-pecuniary in nature.

The right to appeal to the ACF is inalienable and can always be exercised even in the presence of contractual clauses delegating disputes to other bodies for extrajudicial resolution.

For more information, refer to the website acf.consob.it