What are Banking and Financial Arbitration and Financial Disputes Arbitration?
Financial Banking Arbitration (ABF) e the Arbitration for Financial Disputes (ACF) are two organi Of resolution from the controversies, alternative to the judicial authority, called to operate in distinct areas of competence. We explore their tasks, skills and subjects of interest with the‘Lawyer Nicola Ferrarofounder partner of de Tilla Studio Legale.
Mr. Ferraro, can you explain to us what Financial Banking Arbitration (ABF) and Financial Dispute Arbitration (ACF) are?
Both were established to reduce the judicial burden before the ordinary judiciary. Savers, before starting a lawsuit before the civil judge, depending on the problem, must contact the Financial Banking Arbitrator (ABF) or the Arbitrator for financial disputes (ACF).
Can you give us a little more detail on Financial Banking Arbitration?
Financial Banking Arbitration (ABF) was introduced in 2009 by the Bank of Italy. Savers can turn to it for matters concerning banking and financial operations and services such as credit cards, ATM services, mortgages, reports to the Central Credit Register in relation to credit institutions, Poste Italiane spa limited to Bancoposta activities , electronic money institutions or financial intermediaries registered in specific registers and lists kept by the Bank of Italy.
If payment of sums of money is requested with the appeal, these cannot exceed the limit of Euro 200 thousand. On the other hand, there are no limits on the amount if the request pertains only to the verification of rights, obligations and faculties such as, for example, the non-delivery of the transparency documentation or the non-cancellation of a mortgage after paying off a loan.
How do you resort to Financial Banking Arbitration and what are the strengths of this procedure?
The application is proposed via web appeal on the ABF website. The procedure is streamlined, it is not necessary to be assisted by a lawyer and is based exclusively on documentary evidence. Testimonial evidence and recourse to technical advice are inadmissible. If the intermediary does not fall within the categories indicated or has lost the status of intermediary, the ABF cannot examine the appeal, which is declared inadmissible. For this reason, in order to allow verification, the registers and lists of banks and intermediaries are shown on the institution’s website.
The intermediary has a duty of collaboration and is required to provide, during the procedure, the additional documentation requested by the Arbitrator. Even if the intermediary’s obligation to cooperate must be interpreted in the sense of allowing the Arbitrator to quickly reach a decision on the merits, but not in that of reversing the burden of proof: the intermediary cannot be required to produce what which it is up to the saver to produce to demonstrate the validity of the advanced claim.
In his decisions, the Arbitrator is required to comply with the principles of law established by the United Sections Court of Cassation. Even if there are decisions taken in contrast with those of the legitimacy jurisprudence.
Basically, does the Banking and Financial Arbitrator take the place of the Judge?
This is not exactly the case, the decisions of the Arbitrator are not able to directly affect the individual rights of the party. Basically, the intermediary cannot be required to comply with the decision made. However, this result is achieved indirectly by making public the fact that the intermediary who was unsuccessful did not comply with the decision or did so late. This affects the feedback, in terms of reliability, that an intermediary can have on savers.
Furthermore, the parties who do not consider themselves satisfied with the decision made can always refer the same question to the judicial authority.
How is the ABF made up and where is it based?
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