ASSOFIN IS THE ITALIAN ASSOCIATION OF CONSUMER CREDIT and mortgage lending

Established in January 1992 by nine founding members, Assofin rapidly grew its membership to become the largest association representing the consumer credit market and a significant share of home mortgages.

Assofin groups different members including banks, financial services firms, insurance and IT companies, most of them belonging to leading Italian and foreign financial and industrial groups.

Assofin is a member of the Italian Banking Association, ABI, and is one of the 17 National Associations that are part of Eurofinas, the European Federation of Finance House Associations. The Association is also a founding member of the Organismo degli agenti e dei mediatori – OAM the Organization that supervises Agents and Credit Brokers - OAM.

Assofin’s mission is to create positive relationships and a valuable network connecting consumer lenders.

Its core activities are:

  • CREATING COMMON PLATFORMS

    Assofin is the place where, in a fully antitrust compliant environment, lenders meet, share ideas, exchange experiences; thanks to our intense and long dated relationship with consumer organizations we launched codes of conduct that became a market standard and inspired official regulatory activity.

  • STAKEHOLDERS’ RELATIONSHIP

    Assofin has an intense and continuous dialogue with Government, Lawmakers, Regulators, Authorities and Consumer Organizations; we take an advocacy role vis-a-vis with these bodies representing the interests of our Members.

  • INFORMATION AND STATISTICS
    Members can also benefit from a regular and rich stream of information and access advisory services on legal, tax, accounting and administrative matters. These topics are also discussed in regular meetings of the internal committees, which receive the contribution of qualified external consultants.

    Assofin releases several statistical reports i.e. the “Osservatori” which are widely regarded as the most reliable source of information on consumer lending. While most of the data is accessible only to our Members, a selection of information is regularly made available to the public.

Assofin believes that a correct understanding of the consumer lending market is essential both for the industry and for the customers. For this reason the Association grants the media and the press access to reports and information while the Chairperson and the management of the Association are regularly present on the press, TV and the social media.

Moreover, within its consumer relation program, Assofin developed initiatives such as “Monitorata”, or “What can you do if you get in trouble with consumer credit” which aim to foster a better understanding and a higher level of transparency of the market.

MEMORANDUM OF UNDERSTANDING

SALARY BACKED LOANS (*)

Memorandum of Understanding between Assofin and the Consumer Associations taking part to the Assofin/Consumers Working Group.

Assofin and several Consumer Associations signed a memorandum of understanding to promote best practices in the CQS-P market (salary backed loans). The aim of this self regulation initiative is to strengthen consumer protection, increasing the transparency of contracts, preventing over indebtedness, streamlining distribution costs. The memorandum was signed by most CQS-P lenders and, while being open to all those that wish to comply with its rules, it is mandatory for Assofin Members.

Go to the Memorandum (in Italian)
See the list of signatories (in Italian)

(*) Salary Backed Loans are a specific type of personal loans which are a peculiarity of the Italian credit legislation. The borrower transfers to the lender the right to receive, for a determined number of years, one fifth of his or her monthly salary. In exchange for that he or she will receive the actual value of the principal minus some upfront and recurring costs (eg. distribution fees).

 

CPI-PPI

Memorandum of Understanding between Assofin-ABI-Consumer Associations on optional CPI-PPI.

Assofin, ABI and fourteen Consumer Associations signed a memorandum of understanding to promote best practices in the sale of optional CPI-PPI. The memorandum was signed by most Assofin and ABI members and by the insurance companies that offer this type of product.

Go to the Memorandum (in Italian)
See the list of signatories (in Italian)

OUT OF COURT CONCILIATION

Memorandum of Understanding Assofin - Consumer Associations on out of Court conciliation.

Assofin and several Consumer Associations signed a memorandum of understanding that introduces a new procedure to settle disputes between lenders and consumers; the procedure complements the other available settlement solutions for consumer claims thus improving the relationship between lenders and customers .

 
The memorandum was signed by several Assofin Members.

Go to the Memorandum (in Italian)

See the list of signatories (in Italian)

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FINANCIAL EDUCATION

MONITORATA: ASSESS YOUR FINANCIAL POSITION

Monitorata is a self assessment tool designed by Assofin in cooperation with Experian and the PhD program in Management - Banking and Finance of the University of Rome Tor Vergata. Monitorata helps consumers in building their personal budget and determining the free cash flow that could be used to repay additional loans.

Access to Monitorata is totally free; registration is not necessary and no data can and will be used for marketing purposes.

  GO TO MONITORATA (in Italian)

 

FINANCE MADE SIMPLE (AS IN TV) THOUGH ACCURATE (AS IT WOULD BE IN UNIVERSITY)

What is the meaning of APR, spread, Euribor? What exactly is a mortgage or life insurance? We cannot be sure that what we know is right and, quite often, those who pretend to give us explanations know little more than we do. This is why professors belonging to ADEIMF (the Italian Academic Association of Banking and Finance) developed a video encyclopedia explaining the most widely used and important financial terms. Short, simple, yet lively videos deliver rich information and accurate information.

GO TO ADEIMF VIDEO ENCYCLOPEDIA (in Italian)

 

WHAT CAN YOU DO IF YOU GET IN TROUBLE WITH CREDIT

Together with major Consumer Associations, Assofin promotes the dialogue between lenders and borrowers should the latter find themselves into financial trouble.

GO TO THE LINK (in Italian)

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ASSOFIN | Associazione Italiana del Credito al Consumo e Immobiliare

Corso Italia, 17
20122 Milano (Italy)
P.IVA IT03845140965
T +39 02 865437 | F +39 02 865727
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