Reports and Complaints

All those involved in financial services (listed companies and their shareholders, intermediaries and their customers, trade associations, consumer protection organizations, investment advisors and financial salesmen, etc.) can send Consob reports on irregularities and complaints about malfunctions, mistakes or violations of rules of conduct in their dealings with operators subject to supervision.

Such reports and complaints are a valuable source of information for Consob in the performance of its supervisory duties because they can help it to detect and suppress illegal and unfair behaviour and practices.

Consob is not automatically required to take any action upon receiving a report or a complaint nor is it under any obligation to the person who submitted it. Investigations are launched only when the facts concern matters falling within the scope of Consob’s powers and are corroborated by sufficient evidence.

Consob cannot give information about any actions and investigations launched owing to a report or a complaint, because its supervisory activity is bound by professional secrecy.

Consob cannot directly protect the property or other rights of persons submitting reports or complaints; such protection can only be provided by the courts. The investigations Consob carries out are intended to find evidence of violations of the rules and regulations in force and to punish them in the more general interest of protecting the public’s savings.

and they should contain:

1. the name and address of the person or company making the report or complaint and a telephone number where they can be reached if Consob needs any clarifications;
2. a short description of the circumstances, the reason for the report or complaint and the name of the operator involved;
3. copies of any document concerning the report or complaint (e.g. investment services agreements, statements of operations, etc.);
4. copies of any correspondence with the operator in question (under Article 17.1 of Bank of Italy/Consob Regulation of 29 October 2007, intermediates are required to set up all the necessary procedures to allow a fast processing of complaints received by either actual or potential retail customers. Method and timing of complaint processing are communicated in advance to customers).