Information asymmetries in banking and financial contracts: possible solutions from legal design.

Paola Grimaldi


In banking the strength of the Credit Institution is manifested in relation to the customer, who therefore assumes the role of a weak contractor, deserving of particular protection. Awareness of the characteristics of the products offered by banks, the comparison between the different services offered on the market and the opportunity to make an informed choice are all consequences linked to the information that is made available. Such information is above all unclear, so much so as to make it difficult to effectively evaluate the convenience of the operations and services offered. Specific rules are envisaged that intervene in the various phases in which the bank-customer relationship is divided. But it almost always happens that the documentation prepared by intermediaries is difficult to read and understand due to their technicality or to the use of a language that is not always easily understood. Everything described falls within the general discipline of banking and financial contracts which is today extremely complex, requires a particular study analysis of the various sectors governed by practices and regulatory interventions that are not always clear to customers and which should, instead, be made accessible through new solutions proposed by the world of legal design.


banking contracts; bank-customer relationship; information asymmetries; responsibility; legal design;

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