Italian competition authority interrupts migration of 2.4m Intesa Sanpaolo accounts to Isybank

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.