"Banking Transparency" is meant to give customers information about the main features of the contract, thus making understandable and accessible the information given, the rights and the costs related to services and the comparability of the different offers available on the market.
In July 2015 new rules of transparency were issued, aimed at simplifying information documents. The requirements apply to all banking and financial products, except investment services, with impacts - referring to documents and sale procedures - on commercial processes in the pre-contractual, contractual and after-sale stages.
Customer protection is strengthened also by asking the Bank to implement a series of behaviours and measures aimed to:
propose products understandable in structure and characteristics;
carry out a business proposition aligned to customer needs;
provide answers to complaints within 30 days from the receipt of the complaint by the bank;
inform customer about the possibility of consulting the various forms of extra-judicial protection available.
In implementing these principles, the Bank has made the necessary changes to internal procedures and contractual documents.
Within the Progetto Multicanalità Integrata (Integrated Multichannel Project), the information sheet and pre-contract were made available on the WEB platform for the distance marketing of financial products.
As for the training of colleagues, a content update was implemented and made available within the corporate Intranet, dedicated to the new rules.
The main objective is to communicate the initiatives that are strategic or important from an operational viewpoint to all stakeholders, ensuring the utmost transparency. Information is made available through the dedicated section of the website and individuals or entities can also subscribe to a mailing-list to receive press releases and information about major corporate events directly by e-mail or mobile phone. There is also an option for requesting that documentation is mailed to the user’s home address.
Intesa Sanpaolo adheres to UPA (Utenti Pubblicità Associati) and “Codice di Autodisciplina Pubblicitaria” (Publicity Governance Code), promoted by the Istituto di Autodisciplina Pubblicitaria (IAP) to ensure that publicity is transparent, true and correct. The close collaboration with these Associations ensures that any updates or amendments in the regulations to which we have adhered are immediately put into effect. As for advertisements of investment products, all scripts are always submitted to the Legal Affairs Department and to the Compliance Department and when necessary, communicated to Consob to examine their compliance with laws and their adherence to the principles of truthfulness and transparency.
In 2015, there were no remarks by the Istituto di Autodisciplina Pubblicitaria, nor penalties or warnings by the Authority for Competition and Market for misleading or comparative advertising.