Press releases - CONSOB AND ITS ACTIVITIES
Lastest Press releases
The Securities and Financial Ombudsman (ACF) turns five - Unprecedented number of compensation to savers in 2021 - 39.2 million were returned (+ 36% on 2020); around 120 million since 2017 (ACF Press release of 31 March 2022)
A record 2021. The Securities and Financial Ombudsman (ACF), the out-of-court resolution body for disputes between savers and intermediaries, closed last year with 39.2 million Euros in compensation to savers.
That represents the highest amount in five years of activity, since the ACF, set up at Consob, began its operations in January 2017. Compared to the 28.9 million returned in 2020 by intermediaries to small investors, the increase recorded in 2021 is 36%.
Overall, in the five-year period 2017 - 2021, 120 million Euros returned to the pockets of savers, with an average acceptance rate of 67% (69% in 2021). Despite the decisions made by the ACF are not binding, in the vast majority of cases (96.1%) the intermediaries comply to them and close the dispute as indicated by the ACF.
These are some of the data resulting from the Annual Report for 2021, published today by the ACF. They are available in full on its website www.acf.consob.it together with an Explanatory Note.
A sharp increase was also recorded in closed proceedings (they were 2119 with an increase of 40,3% compared to 1510 in 2020). In the five years of activity, the ACF received a total of 8,695 appeals and concluded 7,385 proceedings. The cases of early termination of the dispute also increase (242 in 2021 vs. 212 in 2020) thanks to the agreements that took place while the proceedings before the ACF were in progress, an indication that the tool of out-of-court reconciliation helps the parties to reach an agreement.
The report shows that most of the appeals (almost 70%) come from people over the age of 55. This figure confirms that, in Italy, financial wealth is concentrated in the older age groups. The appeals presented by the under 40s are just 10% of the total. Mostly men turn to the ACF (2/3 as opposed to 1/3 of women), although the gender gap tends to narrow below the age of 40. The geographical origin of the appeals is homogeneous with respect to the various country regions with Puglia leading in terms of the number of appeals.
Disputes are in most cases originated by inadequate information on the characteristics of the products offered and, consequently, by a lack of awareness by the savers on the investment they are about to make. "What retail investors need – remarks Gianpaolo Eduardo Barbuzzi, President of the ACF - is better information, not more information".
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- "Fusion Fx" (website www.fusionfx24.com and related page https://my.fusionfx24.com);
- Cryptopay Limited and (website https://cryptoproexpert.com and related page https://my.cryptoproexpert.com);
- "NexFX", Big Horizons Limited, New Forex Limited and NewFX Limited (website www.newfx.trading and related page https://newfx.tradingweb.io);
- "Octa-marketd" (website https://octa-marketd.com and related page https://cfd.octa-marketd.com)
- Tetris Group Ltd (websites https://sierrainvest.io and https://battletrade.pro).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 669.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 31 March 2022
Bank of Italy and Consob sign a new memorandum of understanding on the exchange of information on banks that make public offers concerning debt securities - The new MoU replaces the one dated 21 May 2012 (Joint Press release Consob-Bank of Italy of 29 March 2022
The Bank of Italy and Consob have signed a new memorandum of understanding on the exchange of information on banks that make public offers relating to debt securities (so-called 'infobond' ). The new protocol replaces the one signed by the two Authorities in 2012.
The revision of the 2012 agreement was made necessary following the regulatory changes that have occurred in the meantime, including the implementation of the new European framework on prudential matters (CRD IV / CRR) as well as the new EU legislation on prospectuses (EU Regulation 2017/1129).
The agreement concerns the coordination between the Bank of Italy and Consob in the exercise of supervisory functions and the exchange of information in the context of the procedures concerning banks subject to the direct supervision of the Bank of Italy and concerning the prospectus to be publish for the offer or admission to trading of debt securities on a regulated market; strengthens cooperation between the two authorities by expanding the information shared.
The document can be consulted on the websites www.bancaditalia.it and www.consob.it.
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
the Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:- "Infinity4X" (website www.infinity4x.com);
- "Empire Trading" and Techsync Management Consultancies LLC (website www.empiretrading.net and related page https://live.empiretrading.net);
- "EqualityFin" (website https://equalityfin.io and related page https://client.equalityfin.io);
- "Fincloud" (websites https://fnincloud.live and https://fincloud.center and related page https.//webtrader.fincloud.live);
- AXA Business Solution Ltd (website https://lionfxm.com and related page https://portal.lionfxm.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 663.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 25 March 2022
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- "MBInvest" and Nab Europe Limited (website www.mbinv.eu);
- "WBI Invest" (website www.wbiinvestltd.io and related pages https://client.wbiinvestltd.io and https://webtrader.wbiinvestltd.io);
- "365investimenti" e "365investments" (websites https://365investimenti.com and www.365-investments.com);
- Lakeshore Services OU (website https://mtp.expert and related page https://my.mtp.expert);
- "Global X Trade" (website https://globalx-trade.com and related page https://client.globalx-trade.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 657.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 17 March 2022
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- FT Global Financial Ltd (website https://empirefxm.com and related page https://my.empirefxm.com);
- Eudaimon Consultind LLC (websites https://tradingtech.io and https://aceinvesting.io);
- "Cornerfxtrade24" (website https://cornerfxtrade24.co and related page https://client.cornerfxtrade24.co);
- CryptoIFX Ltd (website www.cryptoifx.com);
- "AlphaTradeplus" (website https://alphatradeplus.com and related page https://client.alphatradeplus.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 651.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 10 March 2022
Call for respect of the restrictive measures adopted by the EU in response to the Russian military aggression in Ukraine (Joint Press release Consob, Bank of Italy, IVASS and UIF of 7 March 2022)
Bank of Italy, CONSOB, IVASS and UIF call for the attention of supervised entities to full compliance with the restrictive measures decided by the European Union in response to the situation in Ukraine.
The measures are available on the websites of the Official Journal of the European Union, the European Council, the Financial Intelligence Unit - UIF and the Financial Security Committee.
Please note that the measures - adopted by the European Union through Regulations and Decisions - are entirely binding and are directly and immediately applicable in each of the Member States.
The supervised entities are therefore required to comply with them, putting in place the necessary controls and devices, constantly monitoring the updating of the measures in question.
For the purposes of fulfilling the obligations of communication of the freezing measures applied to the designated subjects, the indications provided by the UIF with the Notice of 4 March 2022 will also be taken into consideration
In the current context, supervised entities are recommended to exercise the utmost attention with reference to the risk of cyber attacks, to intensify monitoring and defence activities in relation to possible malware activities and to adopt all the risk mitigation measures that become necessary.
Supervised entities are also invited to carefully consider the business continuity plans and to guarantee the correct functioning and prompt restoration of backups; in this context, the importance of guaranteeing the separation of the backup environment from the operating one is emphasized, evaluating the possibility of providing offline backup solutions (i.e. that are not physically or logically connected to the network) of the essential systems and data .
Finally, supervised entities are invited to pay constant attention to the updates provided by the Computer Security Incident Response Team - Italy (see https://csirt.gov.it/contenuti?tags=Ukraine).
Abusive financial services: Consob blacks out 5 abusive websites (Press release of 4 March 2022)
Consob has ordered the blackout of 5 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- Trust Pixs Limited (website www.trustpixs.com and related page https://my.trustpixs.com);
- "EqualityFin" (website https://equalityfin.com and related page https://client.equalityfin.com);
- Scintilla Enterprise Ltd (website https://solidstocks.cc);
- Miva Solutions LLC (website www.delitraders.net and related page https://client.delitraders.net);
- Ingenue Consulting LLC (website https://tradon.io).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 645.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 4 March 2022
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- "247ProTrade" (website www.247protrade.com);
- ItalianTrades Limited (website www.italiantrades.com and related page https://webtrader.italiantrades.com);
- EUFM LTD (website https://eufm.eu and related pages https://client.eufm.eu and https://webtrader.eufm.eu);
- "Fusion Fx" and Fusion-Fin" (website www.fusion-fin.com);
- Daxodeal Ltd (website https://daxodeal.com);
- Primer Tech International Holding OÜ and Magnates Trade (website www.magnatestrade.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 640.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 24 February 2022
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- Tetris Group Ltd (websites https://clydetrade.pro, https://clydetrade.co, https://sierrainvest.pro and https://battletrade.co);
- Cryptopay Limited (website https://cryptopro-24.com and related page https://client.cryptopro-24.com);
- Felicity Group LTD (website https://luxinvestment.co/ and related page https://webtrader.luxinvestment.co).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 634.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 18 February 2022
Abusive financial services: Consob blacks out 5 abusive websites
Consob has ordered the blackout of 5 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- Tryst Consulting LLC (website https://inertiafinance.co);
- High Rock Holdings LLC (website https://solidinvesting.co);
- Evolve Invest Limited (website https://indexevolve.com and related page https://my.indexevolve.com);
- Miva Solutions LLC (website https://eurocapitals.com and related page https://account.eurocapitals.com);
- WAM-Capital UK Ltd/WAM-Capital e Gabioni Ltd (website https://wamcapital.co and related page https://accounts.wamcapital.co).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 628.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 11 February 2022
Carlo Comporti took office today as Consob Commissioner
Carlo Comporti today took up his new position as Consob Commissioner.
His installation took place during a meeting of the Commission.
Comporti, former Consob executive, with a long professional experience in Italy and abroad, takes over from Commissioner Carmine Di Noia, who resigned on 7th February last to take up the position of Head of the Directorate for Financial and Enterprise Affairs at the OECD.
The Board thus maintains its full composition of five members. It includes the President Paolo Savona and, in order of seniority of the Institute, the Commissioners Giuseppe Maria Berruti, Paolo Ciocca, Chiara Mosca and Carlo Comporti.
9 February 2022
Abusive financial services: Consob blacks out 7 abusive websites
Consob has ordered the blackout of 7 new websites that offer financial services/financial products illegally: 6 illegal financial intermediation websites and 1 website through which an offer of financial products is carried out in the absence of a prospectus.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), relating to the blackout of the sites of abusive financial intermediaries, as well as of the power introduced by the Law no. 8 of 28 February 2020 (Article no. 4, paragraph 3-bis), with reference to the blackout of the site through which the abusive offer is carried out.
Below are the websites Consob has ordered to be blacked out:
- VIGO and CO LLC e 674 LLC (website https://www.galicfx.com and related page https://webtrader.galicfx.com);
- iam-ltd Ltd e FX Pubblications, INC (website https://iam-ltd.com and related page https://xvtrcv-client.com);
- "Cash Forex Group"/"Cash FX Group" (website www.cashfxgroup.com);
- Assetgroup, Inc./"Asset Group" (website https://assetgroup.xyz and related page https://webtrader.assetgroup.ltd);
- Donnybrook Consulting Ltd (websites https://neotrade.pro, https://neotrade.cc and page https://neotrade.io);
- Bit Advisory Limited (website www.bit-advisorylimited.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 623.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 3 February 2022
Abusive financial services: Consob blacks out 6 abusive websites
Consob has ordered the blackout of 6 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- "Eurotrade" (website https://server.eurotrade.uk.com and domain https://eurotrade.uk.com);
- "Eurotrades" (website https://eurotrades.com and domain https://client.eurotrades.com);
- Xertz Consulting LTD (website https://hastrade.pro and domain https://client.hashtrade.io);
- Surreptitious Group LLC (website https://fincloud.capital);
- "Market Gold" (website https://market-gold.com);
- Corsair Europe Holding B.V./ Corsair Development Company Limited (website www.corsairnow.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 616.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 28 January 2022
Abusive financial services: Consob blacks out 5 abusive websites
Consob has ordered the blackout of 5 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- - "NGTCM" (website https://ngtcm.com);
- - 24 X 7 LIMITED (website https://24waysfx.com and related page https://client.24waysfx.com);
- - Beradora Ltd (website https://fullmarkets.com);
- - "ABSystem" (website https://absystem.trade);
- - "LITHE GROUP LTD" (website https://platinex.io).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 610.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
Rome, 20 January 2022
Abusive financial services: Consob blacks out 5 abusive websites
Consob has ordered the blackout of 5 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- Crypto Solution Ltd (website https://cryptopro24.com and related page https://client.cryptopro24.com);
- Agrico Holdings Limited (website https://investagrico.com and related page https://client.investagrico.com);
- Wirexinvest Invest Limited e Wirex UAB (website www.wirexinvest24.com and related page https://webtrade.wirexinvest24.com);
- Strat Ltd (website www.finexoinv.io and related page https://client.finexoinv.io);
- Invest Area Ltd (website https://investarea.com and related page https://accounts.investarea.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 605.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
13 January 2022
Abusive financial services: Consob blacks out 5 abusive websites
Consob has ordered the blackout of 5 new websites that abusively offer financial services.
The Authority availed itself of the powers deriving from the "Growth Decree" (Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization.
Below are the websites Consob has ordered to be blacked out:
- Crypto Solution Ltd (website https://cryptopro24.com and related page https://client.cryptopro24.com);
- Agrico Holdings Limited (website https://investagrico.com and related page https://client.investagrico.com);
- Wirexinvest Invest Limited e Wirex UAB (website www.wirexinvest24.com and related page https://webtrade.wirexinvest24.com);
- Strat Ltd (website www.finexoinv.io and related page https://client.finexoinv.io);
- Invest Area Ltd (website https://investarea.com and related page https://accounts.investarea.com).
The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 605.
The measures adopted by Consob can be consulted on the website www.consob.it.
The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the black-out to come into effect.
Consob draws investors' attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published.
To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially abusive initiatives.
13 January 2022
Securities and Financial Ombudsman (ACF): record of compensation to savers in 2021 - The percentage of compliance by intermediaries is close to 97% - The first five years of activity of the ACF end with the "plus" sign (Press release of 3 January 2022)
A record 2021 for the compensation awarded to savers by the Securities and Financial Ombudsman (ACF), the out-of-court settlement body for disputes between intermediaries and their customers, established at Consob. With 35.88 million euros that returned to savers' pockets, a new high was reached last year compared to the 28.9 and 15.77 million euros paid back in 2020 and 2019 respectively. The total amount of compensations decided by the Securities and Financial Ombudsman in its first five years of operation thus rises to 120 million euros.
The rate of acceptance of appeals also increased in 2021 (69.4%, compared to 30.4% rejected), with an average in the five-year period of 67.3% of appeals accepted and 32.7% rejected.
In addition, business volumes are growing strongly, with a reduction in investigations and decision-making times by almost 40% in 2021, compared to previous years. Therefore, the goal of clearing the backlog of the first three years of activity by the end of 2022 has been confirmed, following some cases of betrayed savings that evidenced a strong commitment by the ACF since the start of its activities in January 2017.
These are some of the most salient data emerging from a preliminary summary of the work carried out by the Arbitrator in 2021. The overall value of the compensation requested appears significant, reaching just over 81 million euros in 2021, with an average appeal of over 51 thousand euros. The minimum request was 10.92 euros, vs. the maximum requested amount of 500 thousand euros, corresponding to the maximum value pertaining to the ACF. In general, in the five-year period 2017/2021, 8,695 appeals were received, with compensation requests equal to over 480 million euros (approximately 56 thousand euros, on average, per appeal).
Decision-making activity is constantly growing. In 2021, the Board met 71 times (53 in 2020, 46 in 2019, 45 in 2018, 27 in 2017), taking over 1,600 decisions (about 1,100 in 2020), to which must be added the decisions of unreceivability/inadmissibility, taken directly by the President (219 in 2021, lower than previous years) and those of extinction due to an agreement between the parties (242 in 2021, positively up compared to 212 cases in 2020 and 194 in 2019).
Overall, 2,107 proceedings were concluded in 2021, compared to 1,582 incoming appeals, thus bringing the number of appeals defined in the 2017/2021 five-year period to 7,373. As of December 31 last, the number of decisions both published and freely available at the www.acf.consob.it web address rose to 4,868 (they were 3,302 as of 31 December 2020).
The rate of fulfilment of the decisions of the ACF – please remember, decisions are not binding - remains high. The percentage of voluntary execution of the decisions of the ACF is close to 97% of cases; a trend which is constantly growing. This figure is net of the decisions relating both to banks placed in liquidation or resolved in the 2015/2017 two-year period, which - as is known - were implemented through public interventions disciplined by the law, as well as to some popular banks issuing equity securities characterized by situations of marked illiquidity.
The prevalence of applicants who are resident in the north of the country (42.6%) is confirmed in quantitative terms, narrowly followed by residents in the southern regions (38%), while savers in central Italy (18.6%) remain far apart and the presence of applicants living abroad (0.8%) is marginal. Data which are consistent with those recorded over the five-year period as a whole.
The percentage of savers who opt for the assistance of a prosecutor is still high: 72% of applicants in 2021 compared to a five-year average of 66%. The data takes on a reporting value of the difficulties still encountered by many retail investors in becoming both promoters and, above all, first-person guardians of their rights; more generally, it represents a clear evidence of the still unsatisfactory level of financial literacy of large sections of the population. To remove these critical issues, the ACF intends to give its own contribution after the application experience gained by now, through the implementation, already in 2022, of targeted initiatives going in the direction of an increasing level of awareness of small savers, to overcome their distrust and encourage their better participation in the economic life and development of the Country.
The intermediaries convened before the Arbitrator were 87 in 2021; 201 overall those involved in the entire five-year period, compared to 1,204 intermediaries adhering to the ACF system.
The rate of fulfilment of decisions is an aspect to which the ACF has given special importance since 2017, as it is the first parameter for assessing the degree of effectiveness of the service provided. This is why it will continue to be carefully monitored also in the future, above all through the argumentative and motivational quality of the decisions. At the same time, it remains important that intermediaries, but also savers themselves, continue to identify the ACF as the appropriate tool for the definitive solution of any dispute. This is also consistent with the enhancement process of the ADR (Alternative dispute resolution) instruments, which represents one of the cornerstones of the recent intervention for the civil justice reform.
Relational dynamics continue to be at the core of the reasons for the conflict between savers and intermediaries. The preliminary disclosure phase for the investment choice, before any other, turns out to be critical. Savers often complain about the inadequate information flow received in order to make effectively conscious investment choices. About this, many decisions have been taken today by the Board of the ACF, in which guidelines have been drawn up which, starting from the practical cases examined, have led to the elaboration of general principles which, if correctly understood and applied, can reveal to be extremely useful for ex ante removal of most of the reasons for the dispute. These principles will also find special emphasis in the 2021 annual report, which will be published by next 31 March. A special summary section of the report will include the most important guidelines developed in the entire first five-year period, not only in terms of information, but also with reference to the behaviour of both professional operators and savers themselves.
It is also the intention of the ACF, in 2022, to develop dialogue initiatives with stakeholders and representative associations, in order to get a feedback of the activity carried out so far and of the perceived quality of the services provided, with the purpose of constantly adjusting their level to the needs of users.
Finally, the collaborative relationship, now structured, with the Banking and Financial Ombudsman (ABF) and, as soon as possible, also with the establishment of the Insurance Ombudsman (AAS), will continue and find further forms of consolidation.
HISTORICAL COLLECTION OF PRESS RELEASES