Fulvio Sarzana member of Banking and financial Ombudsman
The Banking and Financial Ombudsman is an out-of-court alternative dispute resolution (ADR) scheme for disputes between customers and banks and other financial intermediaries, concerning banking and financial transactions and services.
It represents a more simple, rapid and cheaper solution than that offered by the civil courts.
An ombudsman ombud, ombuds, or public advocate is an official who is usually appointed by the government or by parliament but with a significant degree of independence.
The ABF carries out its tasks and decides disputes as an independent and impartial body, assisted in its work by the Bank of Italy.
The decisions it makes are based only upon the documents provided by the parties (complainant and intermediary); the parties do not need to be assisted by lawyers.
Before submitting a dispute to the Ombudsman, the customer must lodge a dispute with the financial intermediary. If the client, the intermediary, or both are not satisfied with the ABF’s decision they may submit the dispute to the civil courts.
The disputes received by the ABF are submitted to a decision-making body divided into seven territorial Panels in Bari, Bologna, Milan, Naples, Palermo, Rome and Turin. The composition of the panels ensures that the interests of all parties involved are represented.
Each panel is composed of five members:
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the chair and two members are selected by the Bank of Italy;
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one member is selected by the associations representing financial intermediaries;
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one member is selected by the associations representing customers (consumers and non-consumers).
The chair is appointed for five years, the other members for three years; the term may be renewed only once. All panel members must satisfy specific requirements of expertise, professionalism, impartiality and independence.
Support is provided to each panel by the technical secretariats, composed of Bank of Italy employees.
Fulvio Sarzana member of Banking and financial Ombudsman
