The clear allocation of roles, the effective exercise of their powers by governing bodies, the existence of adequate checks and balances, and transparent conduct will ensure proper management with the well-informed assumption of business risks. Banks’ greater efficiency and the increase in competition are not yet sufficiently reflected in the prices or quality of some banking services.
Bank charges for closing accounts are especially significant, because they may restrict customer mobility and thereby hinder competition. At the end of 2004, in consultation with the Antitrust Authority, the Bank of Italy initiated an enquiry into the procedures and charges for terminating the main retail banking and financial services. In the last two years some banks have eliminated their charges for closing accounts.