By Elena Vardon
Italy's competition and markets regulator said that it launched an investigation into Credit Agricole's promotion of one of its mortgages on online simulators.
The watchdog, or AGCM, said Wednesday that it is looking into whether the French bank's online simulator for its "Greenback" mortgage--which is also available on comparison websites--calculated an annual percentage rate that excludes the cost of a credit protection policy for the duration of the loan. This policy is a condition to benefit from a promotional discount on the loan's interest rate.
It could be that only the cost of the insurance policy for the first twelve months from the signing of the mortgage was included in the calculation, it said.
The regulator added that the product may have also been promoted on comparison websites without properly informing customers of the offer's conditions.
AGCM said that, along with the Italian police, it carried out inspections of Credit Agricole's Italian offices on Tuesday.
Credit Agricole didn't immediately respond to a request for comment.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 30, 2024 04:43 ET (08:43 GMT)
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