Securities and Financial Ombudsman

The Securities and Financial Ombudsman (ACF, Arbitro per le Controversie Finanziarie in Italian), set up by Consob, is a tool for resolving disputes between investors and intermediaries over breaches of diligence, fairness, disclosure, and transparency requirements that intermediaries must meet when providing investment or collective asset management services. Only retail investors can file a claim with the ACF for damages up to €500,000. Intermediaries are required to participate in ACF proceedings.

The ACF guarantees impartiality and independent judgement. It is a tool that allows investors to settle disputes quickly, at no cost and without the need for legal representation.


Download the ACF guide

Learn more at

Notice of failure to comply with decisions of the ACF (Arbitro per le Controversie Finanziarie, Securities and Financial Ombudsman)
The intermediary Cassa Centrale Banca – Credito Cooperativo Italiano S.p.A. discloses it has not complied with the following decisions: no. 3029/2020