Unfair Commercial Practices Directive, Annex I, 18.

(1) A bank that creates obstacles for, or even denies the possibility to, transferring a bank loan to another bank, commits a misleading commercial practice. 

(2) Such practice can breach Annex I-18 of the UCP Directive when consumers are provided by the bank with materially inaccurate information on market conditions, with the purpose of inducing the consumer to acquire the product at conditions less favourable than normal market conditions.

 

On 24 April 2008, the Italian Competition Authority started its investigation proceedings against banks Unicredito Italiano S.p.A., Unicredit Banca S.p.A., Unicredit Banca di Roma S.p.A., Banco di Sicilia S.p.A. and Bipop Carire S.p.A.

These investigations followed so-called "mistery shopping" tests carried out by Altroconsumo (Italian consumer association), aimed at verifying whether the investigated banks would impose any costs or would prevent to transfer a bank loan to another bank.

The commercial practice investigated by the Authority also included communications to consumers, including inaccurate information with respect to the possibility to transfer a bank loan to another bank.

Does it constitute an unfair commercial practice for a bank to create obstacles for, or even deny the possibility to, transferring a bank loan to another bank?

The Italian Competition Authority decided that this conduct constitutes a misleading commercial practice, as the banks have incorrectly interpreted and represented to consumers the legislation on the transfer of bank loans.

According to the Authority, this practice also constituted a misleading omission, as the banks did not duly provide the consumers with the relevant material information related to the transfer of bank loans.

In addition, this practice was found to breach the per se prohibition of Annex I-18 of the UCP Directive, as consumers were provided with materially inaccurate information on market conditions, with the purpose of inducing the consumer to acquire the product at conditions less favourable than normal market conditions.

 

URL: http://www.agcm.it/agcm_ita/DSAP/Dsap_pi.nsf/a0d111d6626f957fc125652a00315873/4760afd272d29b2ac12574b90034caec?OpenDocument&Highlight=2,PS1191

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The Italian Competition Authority decided to fine the traders as follows:

- Unicredit Banca S.p.A. - 500.000 EUR;

- Unicredit Banca di Roma S.p.A. - 500.000 EUR;

- Banco di Sicilia S.p.A - 450.000 EUR;

- Bipop Carire S.p.A. - 420.000 EUR.