Arbitrator for Financial Disputes

The Arbitrator for Financial Disputes (Arbitro per le Controversie Finanziarie - ACF), set up by Consob, is a dispute resolution tool between investors and brokers in the event of a breach of the diligence, fairness, information and transparency obligations with which brokers must comply when providing investment services or the collective asset management service, as well as of the obligations under Articles 13 and 14 of EU Regulation no. 1286/2014 and its implementing provisions (i.e. concerning key information documents for retail and packaged insurance investment products), including cross-border disputes and disputes covered by EU Regulation No. 524/2013 (disputes concerning online sales or service contracts entered into between a business professional and a consumer resident in the European Union).

Only savers (i.e. investors other than eligible counterparties and professional customers) can appeal to the ACF, for claims not exceeding Euro 500,000. In the event of claims for damages, the Arbitrator shall only award the investor those damage compensations that are an immediate and direct consequence of the Bank's breach of the above obligations, excluding non-financial damages.

Brokers are required to join the ACF.

The ACF ensures impartiality and independence of judgement. It is a system that allows the investor to obtain a ruling on the dispute quickly, without costs and without the need for legal assistance.

The claim may in fact be filed by the investor, either personally or through an association representing consumer interests or an attorney, when on the facts that are the subject of the claim:

  • there are no other out-of-court dispute resolution procedures or arbitration or judicial proceedings pending and there is no declaration of ineligibility or adoption of the arbitration measure; 
  • a complaint has first been lodged with the Bank and either it has not been accepted, in whole or in part, by the Bank or more than 60 days have elapsed since it was lodged without the Bank informing the investor of its decisions; 
  • the Arbitrator has not already issued a ruling on the merits;
  • there is no ruling on the merits, even if res judicata, rendered at the conclusion of judicial proceedings or a ruling on the merits rendered at the conclusion of arbitration proceedings.

More than one person may file the claim jointly only if they are parties to the same disputed relationship.

The submission of claims is made online, through the ACF's website (, following the relevant guiding procedure.

The investor's right to file a claim with the ACF is unwaivable and can always be exercised even if the contracts contain clauses allowing the dispute to be referred to other out-of-court settlement bodies. 

The decision of the ACF is not binding on the investor, who retains the right to bring an action before the judicial authority.


For more details, please consult the ACF Operating Instructions.

Find out more

Notice of failure to comply with decisions taken by the ACF (Arbitro per le Controversie Finanziarie)
The intermediary Cassa Centrale Banca - Credito Cooperativo Italiano S.p.A. hereby gives notice that it has failed to comply with the following decisions