No consideration of adverse impacts of investment advice on sustainability factors

When providing advice on investments and insurance investment products, Cassa di Risparmio di Bolzano S.p.A. does not take into consideration any potential adverse impact of investment advice on sustainability factors (PAI).


The bank has taken this decision in consideration of the fact that the legislative and regulatory framework in this regard is too recent and, in some aspects, not yet wholly defined. This means that, at present, there is no reliable and structured data available on the main adverse impact on sustainability factors. Moreover, even when the aforementioned data will be made available by ‘financial market participants’ (i.e., the issuers of the products under advice, such as UCITS, insurance investment products) according to the standards introduced by the provisions of EU Regulation No. 1288/2022 and by additional providers, it will still be necessary to assess their breadth and robustness, also over time.


Although the Bank does not base the identification of products subject to advisory services on the consideration of PAI, it has adopted product selection criteria that take into account, in any case, the level of sustainability of the products and does not exclude, in the future, also including in this process the assessment of adverse impacts on sustainability factors.