09 June 2021 The European Commission asks Italy to fully transpose the Mortgage Credit Directive and to open its market to credit intermediaries.

The Brussels executive sent a letter of formal notice to Italy asking to comply with the obligation to implement all the provisions of the Mortgage Credit Directive (Directive 2014/17 / EU). 

In particular, a note reads, the Commission asks Italy to adopt and notify the provisions on the freedom of establishment and the free circulation of the services of credit intermediaries, as well as on their supervision. The aim of the Mortgage Credit Directive is to increase consumer protection in the mortgage lending sector and to promote competition by, inter alia, opening up national markets to credit intermediaries. More competition should benefit consumers through more choice and lower costs. 

Italy now has two months to reply to this letter. If the national authorities do not respond satisfactorily within this deadline, the Commission may decide to send a reasoned opinion to Italy.