Moving to Italy can be exciting, but understanding financial services here can be challenging, especially if you are new to the country. Many newcomers face risks when signing contracts online or over the phone, particularly for investments or insurance products. Starting in 2026, Italy introduces stronger rules to ensure consumer protection and stop misleading practices in remote financial contracts.
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Why Remote Financial Contracts Are Risky
Remote financial contracts are agreements made without face-to-face meetings. This includes contracts signed online, by phone, or through other remote channels. Products like life insurance, pension plans, or market-linked investments often come with hidden risks.
Before 2026, companies could hide fees or use confusing language, leaving consumers uninformed. Many newcomers and even experienced residents struggled to understand terms before signing. Misunderstanding these contracts sometimes led to financial losses. The new rules aim to improve consumer protection, making contracts transparent and easier to understand.
Italy Introduces New Rules Starting 2026
Italy is implementing the European Directive 2023/2673 on financial services sold remotely. These rules apply to contracts signed from June 19, 2026, onward. Their goal is simple: provide clear, accessible information so consumers can make informed decisions.
Clear Pre-Contract Information
Companies selling financial products remotely must provide detailed information before you sign a contract. They must clearly explain:
- Total price, including taxes and fees, or how to calculate it if variable.
- Additional costs for late payments or breaches of contract.
- Risks linked to financial products.
- Contract duration and payment methods.
- How to cancel the contract and conditions for withdrawal.
For newcomers, this ensures you know exactly what you are signing. There are no hidden fees, and important details cannot be buried in small print.
Special Rules for Phone Contracts
Phone calls are the most common way to sign remote financial contracts in Italy. Operators must clearly state their identity and the purpose of the call. If the call is recorded, you must be informed.
During the call, operators can provide essential information only with your consent. Full details must be sent afterward on a durable format, like email or paper. This reinforces consumer protection and reduces misleading practices.
Right to Cancel
All remote contracts allow a recesso or right to cancel. Normally, you have 14 days to cancel without costs. Life insurance and pension contracts give you 30 days because of their complexity.
Some products, like stocks, bonds, currency trading, or short-term travel insurance, are exempt from cancellation because their value can change daily.
Making Safe Financial Decisions
The new rules empower newcomers to make informed financial choices. Take time to read all contract details, ask questions if something is unclear, and remember that companies must provide readable, accessible information.
By June 2026, these regulations strengthen consumer protection, ensuring remote financial contracts are transparent, fair, and safe for everyone, including newcomers navigating Italy’s financial landscape for the first time.
