Press releases 2022 - CONSOB AND ITS ACTIVITIES
Press releases 2022
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