Stefano Cosma Francesco Pattarin Paola Vezzani

Regulation and Alternative Resolution System: Which Effects on Consumer Credit Market

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The article analyses the effects of consumer protection rules starting from the adoption of 248/2008 UE Directive and the introduction of an ADR system. In particular, this study aims to assess the effects on volumes of loans and on interest rates applied to customers. Furthermore, through the analysis of data related to customer complaints and appeals to the Banking and Financial Arbitrator (ABF), the purpose is to assess the effects on the behaviour of customers and financial intermediaries and on the quality of their relationship. The effects on volumes of credit and interest rates are positive. There are not evidence of restrictions on credit supply. Furthermore, we did not identify cost increases directly imputable to new regulation. The same positive result emerges with reference to the ADR system. Consumers are increasing the use of this system to solve their disputes with financial intermediaries. In particular, there is an improvement of the complaints’ management by financial intermediaries and a positive learning effect is attributed to ABF’ activity.


  • Consumers’
  • Protection
  • Credit
  • Alternative Resolution System
  • Financial Institution
  • Complaint
  • Appeal


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