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As part of the publication of the 2021 annual report, the French authorities ACPR and AMF reiterate the importance of the duty of advice of insurers to investors

“The savings market experienced considerable uncertainty in 2020. By contrast, 2021 saw a very positive trend for life insurance. In the face of these economic fluctuations, the duty of advice of insurers remains central, “said MFA Secretary General Dominique Laboureix at the inauguration of the press conference held on Tuesday, June 14.

In 2021, the unit has continued to work on specific issues and to monitor and control business practices. The two French authorities – according to reports from L’Argus – have also strengthened their collaboration in the fight against financial scams: “We are increasingly working together on this issue, thanks to our joint working group, and we are issuing joint communications. We are also working to improve public information through the ORIAS website“, confirms Benoît de Juvigny, Secretary General of the MFA.

The system is completed by the participation of the common unit in the national anti-fraud working group set up on the initiative of Bercy, which includes the Ministry of Justice, the DGCCRF, the CNIL, the ANSSI, the AMF and the ACPR. In 2021, more than 1,300 places and addresses have been added to the five blacklists, including 1,200 on the list of “credits, passbooks, payment services and insurance contracts.” In all, at the end of 2021, more than 3,860 names or actors from fraudulent or dubious sites have been placed on these five blacklists.

Another important point raised by the ACPR and the MFA is the digital marketing process, for which the division has several areas for improvement. “It is essential to verify that the investor’s consent has been maintained throughout the process. Too often, in fact, there are still many cases of non-compliance with customer information and informed consent rules. Our summary published in April 2022 is a reminder of the rules set by MiFID 2 and the Insurance Distribution Directive (IDD).“This is explained by Claire Castanet, director of investor relations and protection of MFA and coordinator of the mixed unit.

Grégoire Vuarlot, ACPR’s director of business practice supervision, warns that the supervision of the joint unit will be strengthened: “The IDD primarily deals with the obligation to provide advice prior to subscription. However, this duty should not be left here, but should remain present throughout the marketing process. The unit plans to work on it during the year“.

One of the priorities of the joint unit in the coming months will also be the rates applicable to financial products and services, a major concern of both administrations, with the aim of improving the accessibility and readability of information on financial services. taxes. The joint unity of the two authorities also places particular emphasis on the currently heterogeneous quality of communication to retail investors about sustainable unit-linked products and the consequent risk of greenwashing.

French and European practices are increasingly demanding in this field. The amendments to the MiFID2 and DDA delegated acts will enter into force in August 2022. They will demand that their investment portfolio take into account investors’ preferences in terms of sustainability, in relation to the declaration of the main negative impacts, with the SFDR (Sustainable Finance Disclosure) regulation and the green taxonomy.

“In the area of ​​employee savings, we intend to work on latent accounts to see if we can propose regulatory changes in this area,” said Benoît de Juvigny, while Dominique Laboureix closed the discussions by emphasizing the continuity of cooperation between the ACPR. and the MFA.

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