The ‘code of good conduct’ signed in February 2017 by both the banking employers’ body (ABI- Associazione Bancaria Italiana) and the trade unions (FABI, First-Cisl, Fisac-Cgil, UGL, Uilca, and Unisin), (c.f. article No. 10064), which provides a framework for responsible selling of financial products to the retail market, is now operational. On 17 October the social partners adopted the regulation for the soon to be constituted bi-lateral commission that will monitor the application of the protocol.
The code of good conduct aims to avoid a repetition of the scandals that have peppered Italy over the course of the past few years as banking employees were put under tremendous pressure to market highly sophisticated high risk financial products to ill-prepared retail customers. The bi-lateral commission will comprise two representatives from each of the trade unions that are signatories to the national collective agreement as well as the same number of ABI nominated delegates.
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