Service of comparability of fees related to payment accounts.
Draft Decree of the Minister for the Economy and Finance, in agreement with the Minister for Economic Development, having consulted the Bank of Italy, implementing Article 126-terdecies of Legislative Decree No 385 of 1 September 1993 (Consolidated Law on Banking), introduced by Legislative Decree No 37 of 15 March 2017 implementing Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features.
Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features was adopted on 23 July 2014 (the PAD - Payment Accounts Directive, hereinafter referred to as the ‘Directive’). The provisions of this Directive aim to improve the transparency and comparability of the fee information on payment accounts, to facilitate payment account switching, to eliminate discriminatory treatment in access to the payment account based on residence and to ensure a payment account access with basic features in the EU, enabling all EU consumers, regardless of the financial situation, to open a payment account that allows them to perform essential transactions. Legislative Decree No 37 of 15 March 2017 was adopted in implementation of said Directive, which, by amending Title VI of Legislative Decree No 385 of 1 September 1993, it introduced Chapter II-ter concerning ‘Special provisions related to payment accounts’. In particular, within that Chapter, Article 126-terdecies regulates the comparison websites and provides that a decree of the Minister for Economy and Finance, upon consultation with the Bank of Italy, shall identify the characteristics of the certifying body, the accreditation procedure that is to ensure compliance with the principles of impartiality, independence, correctness and competence and cases of justified reasons for exclusion.