The Remedies of Retail Clients of Investment Firms in the Light of the Decisions of the Italian Financial Ombudsman

The contribution deals with remedies of retail clients for infringements of conduct of business rules by investment firms in the light of the decisions of the Italian Financial Ombudsman (ACF). It focuses on the competence of ACF, how it works and the nature of its decisions; the remedies that may be sought by retail clients and their effects on the distribution of risk of losses between clients and investment firms; proof of causation; length and start day of limitation periods. It concludes on the desirability of a future harmonization at EU level including of the remedies available to clients of investment firms for infringements of MiFID.