Agent in financial activity

Agent in financial activity is the subject that promotes and concludes contracts related to the granting of loans in any form or to the provision of payment services.

Agent in financial activity is the subject that promotes and concludes contracts related to the granting of loans in any form or to the provision of payment services, on the direct mandate of financial intermediaries, payment institutions, electronic money institutions, banks or Italian Post Offices. They can only carry out the activity indicated above, as well as activities related to or instrumental to the same (see Article 128- quater , paragraph 1 of the TUB).

COMPATIBLE ACTIVITIES

Money

The activities of insurance agency and financial promoter are compatible, and therefore exercisable by an agent in financial activity, without prejudice to the respective obligations of registration in the relative list, register or register (see Article 17, paragraph 4 -bis, of Legislative Decree No. 141/2010).

Agents in financial activities carry out their activities on the mandate of a single intermediary or of several intermediaries belonging to the same group. In the event that the intermediary offers only certain specific products or services, the Agent is nevertheless allowed, in order to offer the entire range of products or services, to assume two further mandates (see Article 128- quater , paragraph 4, of the TUB).

The principal is jointly liable for damages caused by the Agent in financial activity, even if such damages are consequent to responsibility ascertained in the penal seat.

The contracts that can be the subject of conclusion and promotion by the Agent are those related to the activity of granting loans in any form for which identification can be found in art. 3 of the Ministerial Decree dated 02/17/2009, n. 29.

The Circular letter n. 3/12 OAM indicates the “products” and “services” for which the Agents in financial activity can receive the mandate from the banking and financial intermediaries indicated by the first paragraph of art. 128- quater of the TUB.

To exercise the profession of Agent in financial activity towards the public it is necessary to obtain registration in a special List held by the OAM, subject to the possession of the requisites required by law.

The activities of insurance agency and financial promoter are compatible, and therefore exercisable by an agent in financial activity, without prejudice to the respective obligations of registration in the relative list, register or register (see Article 17, paragraph 4 -bis, of Legislative Decree No. 141/2010).

It does not constitute an agency in financial activity:

 

Money Dollar,Financial loan

  • the promotion and conclusion, by suppliers of goods and services, of loan agreements solely for the purchase of own goods and services on the basis of specific agreements stipulated with banks and financial intermediaries. These contracts do not include those relating to the issue of credit cards;
  • the promotion and conclusion by banks, financial intermediaries, investment firms, asset management companies, SICAVs, insurance companies, payment institutions and Italian Post Office of contracts relating to the granting of loans in any form and to the provision of payment services;
  • the stipulation by the trade associations and the Confidi of agreements with banks, financial intermediaries and other subjects operating in the financial sector aimed at favoring the access to credit of the associated companies. For the collection of requests for financing made on the basis of the aforementioned agreements, the associations may avail themselves of persons possessing the requisites envisaged by art. 128-novies, paragraph 1, of the TUB. As provided therein, it is extended to subsidiary service companies pursuant to art. 2359 of the civil code, constituted by the associations themselves for the pursuit of the association purposes;
  • the promotion and placement of contracts relating to the granting of loans or the provision of payment services by financial advisors registered in the register – pursuant to art. 31 of Legislative Decree no. 58/1998 – carried out on behalf of the same authorized party who appointed them as financial advisor. The authorized party is responsible for the professional updating of its financial advisors, ensures compliance by them with the rules established pursuant to Title VI of the TUB, and is liable for damages caused by them in the exercise of the redeemed activity, even if consequent to liability ascertained in criminal proceedings;
  • the promotion and placement of contracts relating to the granting of loans in any form by insurance agents duly registered in the single register of insurance and reinsurance intermediaries (“RUI”) – pursuant to art. 109, paragraph 2, lett. a), of Legislative Decree no. 209/2005 -, by direct mandate of banks and financial intermediaries provided for by Title V of the TUB. The mandating subject takes care of the professional updating of the mandated insurance agents, ensures compliance by them with the discipline envisaged pursuant to Title VI of the TUB, and is liable for damages caused by them in the exercise of the reduced activity, even if consequent to liability ascertained in criminal proceedings.

For the exercise of collection of funds on behalf of persons authorized to provide payment services, registration in the list of agents in financial activity is not necessary, provided that the redeemed activity is carried out on the basis of a contract outsourcing, which predetermines the methods of carrying it out, has a purely material nature and in no case is accompanied by device powers.

 

Sale of the fifth

One often hears about a particular type of loan, namely the sale of the fifth INPDAP.

We can introduce the theme by explaining, in a simple manner, what the fifth assignment is.

The assignment of the fifth is, more generally, a particular and non-finalized loan: in essence, with this financing, a portion of one’s income or pension is granted, which must not exceed one fifth of the net income (and hence its name) as monthly loan installment.

After that, contrary to what happens with other loans – for which the customer reimburses the installment to the bank or finance company every month, or every two months – it is directly the employer or the institution that pays the pension to pay the monthly installment to the bank, taking it at the source.

This is why the transfer of the fifth INPDAP is considered, even by the banks, as a loan that is safer than the others: it is not the client who has to worry about repayment but the employer or the institution of the pension.

Although today we continue to talk about the sale of the fifth INPDAP, the correct name is the sale of the fifth INPS ex INPDAP. In fact, the INPDAP was the body that until 2012 was responsible for providing pensions to public employees, but today it was completely absorbed in the INPS and ceased to exist, as part of the Monti maneuver to contain “public spending “.

The transfer of the fifth, we said, is a personal loan not finalized

Coins money

 

Therefore it is not necessary to explain why the transfer of the fifth INPDAP is requested as the sum of money is paid without requesting justifications from the customer.

The installment is withheld, as we have said, directly on retirement or income.

Types of transfer of the fifth

Loan Application

 

There is no single type of transfer of the fifth INPDAP, but different types of products that can best adapt to the needs of each.

  • The INPDAP Small Loan. It consists of a sale of the fifth INPDAP which is paid to employees and pensioners with registration in the Unit for Credit and Social Services.
    It is a loan of small amounts of money, which lasts from one to four years at most. It is possible to request, for the annual loan, at most a salary or pension monthly payment; for the biennial one, at most two and so on.
  • Direct Multi-year Loan INPDAP. It is a loan with transfer of the fifth INPDAP which however lasts up to ten years.
    It can be requested by public employees hired on a permanent basis with 4 years of seniority and by pensioners with 4 years of contributions.
    Temporary public employees can access it only if they put the TFR to guarantee the debt.
  • Guaranteed Multi-year Loan INPDAP. This is a loan that is granted not by INPS but by banks and financial companies that have an agreement with the institution. In this case it is possible to access the loan if you are a public and state employee with at least four years of seniority in contributions. The loan lasts 5 or 10 years. The installment amount does not exceed one fifth of the monthly salary.