The first step of the verification concerns the exact perimeter of the branches of financial activity in which the Agent is involved, the methods of its offer, the consistency and articulation of the network of collaborators.
Financial agents, natural persons, or in the case of companies, those who carry out functions of administration, management and control, must meet the requirements of integrity and professionalism in accordance with the law.
The Supervisory Body checks that these requirements are still met and, if it finds that they have been compromised, it initiates cancellation procedures from the lists.
With regard to company representatives (in the case of companies) as well as employees and collaborators in contact with the public, the activity carried out by the Agent over time is verified in order to check the requisites of integrity and professionalism that the regulations require for the various roles.
The Office pays particular attention to verifying compliance with the obligations of professional training imposed on agents who are individuals, company representatives - in the case of companies - and collaborators in contact with the public.
In case of lack of attention in the above-mentioned controls, an adequate sample of subjects is checked for the original existence and permanence of such requirements.
Attention is paid to the possession of the technical - IT requirement consisting in the provision of a valid certified e-mail account.
See also OAM Communication no. 13/17 "clarifications regarding the technical and IT requirement relating to the possession, by Agents and Brokers, of a certified e-mail address, pursuant to art. 18 of Legislative Decree no. 141 of 13 August 2010".
We verify the stipulation of an insurance policy, in place and for the recent past, relating to civil liability for damages caused, in the exercise of the activity, by the conduct of the Agent and its employees and collaborators.
See also Communication no. 3/14 containing clarifications regarding the stipulation of the insurance policy for civil liability for damages caused in the exercise of the activity of financial agency, as per art. 128-quinquies, paragraph 1-bis of Legislative Decree no. 385 of September 1, 1993, by collaborators.
Verification is conducted to ensure that the agent carries out its activities on behalf of a single intermediary or of several intermediaries belonging to the same group, or that, where the intermediary mandates only specific products or services, the agent has taken on no more than three mandates in order to offer the full range of products or services. The controls in this sense are mainly concerned with accounting documents and a sample of the financing contracts signed by clients.
Please also refer to:
Communication no. 11/16 containing clarifications regarding the ancillary services offered by credit intermediaries in the sector of salary assignment pursuant to Presidential Decree no. 180 of January 5, 1950.
Communication no. 8/16 containing clarifications regarding the operations of consortia or consortium companies set up by agents in financial activities.
Communication no. 7/15 containing clarifications on the application of the regulatory provisions on the incompatibility between the exercise of the activities of financial agency and credit brokerage, and those of insurance agency and insurance and reinsurance brokerage, pursuant to article 17 of Legislative Decree no. 141 of August 13, 2010.
Communication no. 1/13 on the carrying out of reporting activities by subjects registered in the Lists.