The Italian Competition Authority decided that this conduct constitutes a misleading commercial practice, as the banks have incorrectly interpreted and represented to consumers the legislation on the transfer of bank loans.
According to the Authority, this practice also constituted a misleading omission, as the banks did not duly provide the consumers with the relevant material information related to the transfer of bank loans.
In addition, this practice was found to breach the per se prohibition of Annex I-18 of the UCP Directive, as consumers were provided with materially inaccurate information on market conditions, with the purpose of inducing the consumer to acquire the product at conditions less favourable than normal market conditions.
URL: http://www.agcm.it/agcm_ita/DSAP/Dsap_pi.nsf/a0d111d6626f957fc125652a00315873/4760afd272d29b2ac12574b90034caec?OpenDocument&Highlight=2,PS1191
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