BRRD European Directive: bail-in and financial literacy in ItalyMilano Finanza, Italy
The recent events surrounding Italian cooperative banks and banks affected by the decree that partially anticipated the European bail-in directive (BRRD, Bank Recovery Resolution Directive) have highlighted many of the limits that characterize the relationship between intermediaries and small savers.
During recent months, Sodali contacted tens of thousands of individual stakeholders directly, through informational campaigns designed for the most important financial institutions, with the principal aim to provide independent and institutional reassurance and clarification regarding recent bail-in legislation and reform of cooperative banks, in addition to future scenarios in the banking sector.
Renato Di Vizia, Retail Services responsible in Sodali, sign a comment on Milano Finanza, Ora relazioni più solide con i consulenti, saying that the development of financial literacy policies that allow a real safeguarding of consumers of investment products, can no longer be postponed. Moreover, the diffusion of adequate financial knowledge to the general public would permit intermediaries and issuers to build more solid and lasting relationships with their clients and investors, with positive returns also on the quality of governance.