(Finance) – The Italian Competition Authority (AGMC) has concluded an investigation into Italian post and issued a fine of 1.4 million euros in reference to his placement and management of postal savings bonds.
According to the Authority, Poste has omitted and / or misrepresented essential information relating to the expiry and prescription periods of such securities. In fact, the legislation provides that the rights of the holders of Postal Interest Bonds lapse after ten years from the expiry date of the voucher, with the consequence that neither the capital nor the interest are no longer due. Poste’s conduct was “deemed suitable for mislead the consumer as regards the exercise of the credit rights relating to the signed voucher “, reads a note from the AGCM.
The Authority also ascertained that, with regard to paper titles that have lapsed in at least the last five years, Poste has failure to inform in advance – and adequately – holders of Coupons close to the expiry of the limitation period, causing the non-reimbursement of the relative amounts.
However, the Authority found that, during the proceedings, Poste fielded various initiatives to improve the information providedincluding changes to the pre-contractual and contractual documentation, the inclusion in the paper form of the voucher of a wording reminding the possibility of obtaining a refund of the security only within the relative limitation period and a individual alerting system on expiration and prescription dates for subscribers of Coupons issued from 1 January 2009.
Precisely considering these initiatives in favor of consumers, the Authority has decided to reduce the amount of the fine by 60%.