The Financial Disputes Arbitrator (ACF), established by Consob with resolution no. 19602 of 4 May 2016, is a tool for resolving disputes between retail investors and intermediaries for breaches of the obligations of diligence, fairness, information and transparency that intermediaries must comply with when providing investment services or collective asset management services.
Only savers can appeal to the ACF for claims for damages not exceeding €500,000.
Intermediaries are obliged to adhere to the ACF.
The ACF is a tool that allows investors to obtain a decision on a dispute quickly, without cost and without the need for legal assistance.
The ACF ensures impartiality and independence of judgement. If the investor is not satisfied with the decision, they may still refer the matter to the judicial authorities. Filing an appeal with the ACF or another alternative dispute resolution system is a condition of admissibility for initiating legal proceedings.
The ACF is composed of the Board and the Technical Secretariat.
For more information on the appeal procedure, who can appeal to the Arbitrator, and under what conditions and timeframes, please refer to the following website:
