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An Italian Experiment in Self-Regulation of Retail Banking: Reasons and Opportunities for a Joint Promotion of Industry Interest and General Interest

newdigital An Italian Experiment in Self-Regulation of Retail Banking:
Reasons and Opportunities for a Joint Promotion of Industry
Interest and General Interest
Article
journal RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI
issue RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2018 - 4. An Issue in Honour of Giacomo Vaciago
title An Italian Experiment in Self-Regulation of Retail Banking: Reasons and Opportunities for a Joint Promotion of Industry Interest and General Interest
author
publisher Vita e Pensiero
format Article | Pdf
online since 05-2019
doi 10.26350/000518_000022
issn 0035-676X (print) | 1827-7918 (digital)
€ 6.00

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The paper provides a description and preliminary evaluation of the Italian Banking Association’s (ABI) 2009-2013 Pattichiari initiative, a notable experiment in banking industry self-regulation. An original governance system, based on a committee of non-bankers endowed with a significant degree of independence from the industry, was established. It explored the organisational difficulties that arose in implementing a number of banks’ commitments, aimed at recognising effectively some basic customer rights, primarily the right to switch supplier. Moreover, it introduced and managed an evaluation system that could stimulate banks to overcome difficulties. The system could be effective by publishing bank ratings and influencing their reputation. The subsequent development of legislation and exogenous regulation took over the anticipated goals of self-regulation, yet the exercise was useful in organising their implementation, and the survival of the project could have been positive. The factors that caused the experiment’s drastic downsizing are explained.

keywords

Self-regulation, Retail banking, Customer rights, Consumer associations.

Author biography

pippo.ranci@gmail.com.