An authorised financial company is a credit institution, different from a bank, which deals with the provision of financing and payment services, acting as a financial intermediary.
As a financial intermediary, financial companies, such as Cred.it, are registered in a special list held at the Bank of Italy.
Financial companies can provide all types of loans (1/5 wage deductions, personal loans, mortgages, loans to companies) and also various types of services and advice for companies.
What changed with the LEGISLATIVE DECREE, No. 141 of 13th August 2010.
On 4th September 2010 the Legislative Decree 141/2010 was published, which significantly amended the TUB Code (Consolidated Banking Act – Legislative Decree 385/93).
The legislative action was necessary to implement the EC Directive 2008/48/CE on consumer credit agreements. The legislator took the opportunity to make changes also to Title VI of the TUB Code, concerning the regulation of subjects working in the financial sector, of agents in financial activities and of credit brokers.
The amendments concern, in particular, the exercise of credit brokerage, as well as that relating to agents in financial assets.