Bank of Italy Deputy Governor Urges Consumer Control Over AI Agents

What happened

Bank of Italy Deputy Governor Sergio Nicoletti Altimari addressed the 13th Joint European Supervisory Authorities (ESAs) Consumer Protection Day, focusing on the regulatory challenges posed by artificial intelligence in financial services ^[5][13][14]. Altimari highlighted that while digitalization and AI can broaden financial access and improve efficiency, they also introduce risks regarding transparency, consumer vulnerability, and automated decision-making ^[5].

A central focus of his address was the rise of agentic AI—autonomous systems capable of planning and executing actions on behalf of users, such as comparing products or initiating payments ^[5]. Altimari cautioned that an AI agent operating within delegated limits and valid credentials might still execute transactions that fail to reflect the consumer's actual intent ^[14]. He emphasized that delegating tasks to AI must not result in consumers losing control over their financial decisions ^[5][14].

Why it matters

As automated systems increasingly handle pricing, advisory roles, and transactions, regulatory priorities are shifting toward how these systems are governed and who bears ultimate accountability ^[13]. Altimari outlined key principles for financial regulation and supervision: consumers must be able to define an agent's tasks, monitor its actions, challenge decisions, and revoke instructions ^[5][14]. Furthermore, financial institutions must maintain robust safeguards, including identity verification, traceable and auditable actions, and human oversight proportionate to the financial impact on consumers ^[5][14]. Responsibility toward consumers must remain firmly with human institutions rather than automated tools ^[5][14]. Treating consumer protection as a core element of market stability signals that European supervisors may increasingly scrutinize automated decision-making across lending, advice, and payment distribution ^[13].

What to watch

Observers should monitor for potential follow-on guidance from the European Supervisory Authorities regarding suitability, disclosures, and institutional accountability for AI-driven financial services ^[13]. Additionally, tracking how national authorities and cross-sector bodies implement these supervisory expectations will clarify compliance requirements for financial firms deploying autonomous agents ^[13].

Sources

1. Making AI-driven finance work for consumers | Bank for International Settlements bis.org
2. Bank of Italy Deputy Governor Ties AI Finance to Consumer Protection finbunker.com
3. Banca d’Italia Official Urges Consumer Control of AI Payment Agents | TokenPost tokenpost.com