- Interruption by AGCM: The Italian competition authority (AGCM) halts Intesa Sanpaolo’s plan to migrate 2.4 million customer accounts to Isybank.
- Express Approval Required: AGCM mandates that the bank must obtain explicit approval from account holders before completing the migration due to over 5,000 customers seeking regulatory intervention.
- Isybank Restrictions: Customers faced limitations post-migration, losing access to bank branches, desktop-based internet banking, checks, mortgage contracts, and the ability to create virtual cards for online purchases.
- Unilateral Changes Criticized: AGCM criticizes the unilateral imposition of essential changes to contracts without prior customer consent, highlighting the lack of clarity in communication.
- Precautionary Measure: AGCM imposes a “reasonable deadline” for customer consent before further migration, allowing objectors to retain their previous current account under the same conditions.
- Deadline for Compliance: Intesa Sanpaolo has until December 10 to notify AGCM of measures for compliance, with no response to FinTech Futures’ request for comment.
Italian competition authority interrupts migration of 2.4m Intesa Sanpaolo accounts to Isybank
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