Tying mortgages and bank accounts

According to the Italian Consumer Code of 2011, banks are no longer allowed to tie the opening of a bank account or any insurance policy to the provision of mortgage credit.

However, a mystery shopping exercise carried out in 2013 by the Italian consumer association Altroconsumo revealed that 78% of the agencies they visited nevertheless forced borrowers to open a bank account at the same bank. 39% of the banks also required the taking out of fire insurance and 33% the taking out of an insurance policy for the house. These are considered unfair commercial practices. Most of the major Italian banks are involved.

Altroconsumo sent the details of its mystery shopping to the Italian Competition Authority.