pc
nid 94427
Aug 06, 2026
csoo@vixio.com
Italy
Bank of Italy
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1741 charsItaly's Bank of Italy Issues Guidance on Basic Bank Account Accessibility and Promotion
On August 5, 2026, the Bank of Italy (Banca d'Italia) issued supervisory guidance directing banks, Poste Italiane, and other payment service providers (PSPs) to promote knowledge and accessibility of basic bank accounts among consumers, particularly vulnerable populations.
The Bank of Italy's analysis identified instances where access to basic bank accounts was being unjustifiably obstructed or discouraged. The guidance requires PSPs to adopt conduct compliant with applicable regulations and grounded in substantive fairness principles in customer relations. PSPs must review and amend rules, procedures, and practices to remove barriers to offering and accessing basic bank accounts.
Basic bank accounts are payment or current accounts designed to facilitate financial inclusion, introduced under Directive 2014/92 to ensure access to essential payment services. These accounts provide simplified money management functionality with a more limited range of operations and services compared to standard accounts. European Union law recognises the right to obtain a basic bank account for consumers legally residing in the EU. For lower-income population segments, the account must be offered free of charge. PSPs remain obligated to offer basic bank accounts while complying with anti-money laundering and counter-terrorism financing requirements under applicable legislation.
The Bank of Italy's guidance emphasises that PSPs should remove unjustified obstacles to basic account access and ensure transparent, fair treatment of customers seeking these products. This supervisory direction aims to strengthen financial inclusion and ensure vulnerable consumers can access fundamental payment services without unnecessary impediments.
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1895 charsBank of Italy Issues Guidance on Basic Bank Account Accessibility with Remediation Deadline
On August 5, 2026, the Bank of Italy issued a supervisory guidance directing banks, and other payment service providers (PSPs) to promote knowledge and accessibility of basic bank accounts among consumers, particularly vulnerable populations.
The Bank of Italy's analysis identified instances where access to basic bank accounts was being unjustifiably obstructed or discouraged. The guidance requires relevant entities to adopt conduct compliant with applicable regulations and grounded in substantive fairness principles in customer relations.
The guidance covers the following material:
Identification of main issues resulting in the low uptake of basic bank accounts among consumers even compared to other European Union countries. The main issues identified include failure to include basic accounts in the catalogue of products offerred, shortcomings in internal regulation and a lack of product knowledge amongst other shortcomings.
Expectations of the Bank of Italy, covering the areas of internal policies, processes and procedures, methods of offering the product (e.g. adequate publicity and training programmes) and controls.
Within the guidance, the Bank of Italy has stated that by November 30, 2026, relevant Compliance and Internal Audit functions (within the scope of their respective remits) must verify that the organisational structures, procedures and practices are fully consistent with regulatory requirements and the expectations of the Bank of Italy. It states that:
An internal report on the findings of the assessments, highlighting any shortcomings and the resulting remedial actions, must be approved by its Board of Directors, or corresponding governing body.
The Board of Directors shall inform this the Bank of Italy, by email to vic@pec.bancaditalia.it , of any remaining shortcomings as at November 30, 2026, and shall attach the approved remedial plan.