"Banking Transparency" is meant to give customers information more clear and understandable at all stages of the relationship with the bank, through simplicity of language, transparency of information and alignment of conditions within the various transparency documents relating to the same product/service.
A section of the Bank's website presents the main transparency documents of the offer. In particular, the Information Sheets of the products and services offered, the specific Guidelines (The Current Account, The Home Mortgage, The Consumer credit) and the Reports on the conditions offered to customers are available at the branches and in the section of the website, so that they can be viewed, saved and printed.
Starting from November 1, 2016 new transparency provisions on mortgage credit to consumers has been implemented as well as Supervisory provisions for the Banks in accordance with Legislative Decree n. 72/2016, that acknowledged the Lending Directive (2014/17 / EU), whose aim is to:
create a single market for mortgage credits relating to residential properties;
envisage uniform rules to promote sustainability in the provision of credit;
address the problem of "irresponsible credit" that arose in Anglo-Saxon countries ("subprime lending").
Following the changes introduced by the Lending Directive, the manager must provide, free of charge, to the consumer - as actually already happens in Intesa Sanpaolo - information about:
the pre-contractual documentation provided (updated with General Information and Standardized European fact prospectus);
the characteristics of the product offered;
the effects that may result from the conclusion of the contract (eg. consequences in case of non-payment).
In implementing these principles, the Bank made the necessary changes to internal procedures and contractual documents.
Within the Progetto Multicanalità Integrata (Integrated Multichannel Project), information sheets and pre-contract documents were made available on the WEB platform for the distance marketing of financial products.
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 2016, 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.