Savers poorly advised by banks?
The Financial Markets Authority (AMF), which conducted a survey of 11 large network banks and thus carried out 210 mystery visits to bank branches between June and October 2022, points to “problematic” and “sometimes non-compliant
”
practices
. .
In detail, the client's knowledge is
“insufficiently questioned”.
The question of risk tolerance, although mandatory, “
is only asked half the time”.
Similarly, information on fees, also a must, is presented
“only in a little more than one out of two cases
”.
It also remains
“often fragmented”.
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“This observation does not surprise me completely,
points out Philippe Crevel, director of the Circle of savings.
The proliferation of forms and their complexity means that sometimes an adviser who is short on time will want to go quickly.
Some advisors may not be trained enough, while regulations are constantly changing.”
Since January 2023, clients interested in investment advice or a financial product will, for example, also have to provide their ESG (environment, social and governance) preferences, in application of the so-called Mifid 2 regulations, intended for the protection of investors.
Although improvements have been observed, these sometimes non-compliant practices are problematic
AMF
However, the AMF recognizes progress in understanding the client's financial situation and its ability to bear losses.
“Although improvements have been noted, these sometimes non-compliant practices are problematic.
Institutions must remedy this, ”
said the regulator.
The AMF has been carrying out mystery checks since 2010, in branches or online.
The objective is to observe commercial practices from the investor's point of view, and the proper application of regulatory texts.
The profiles of the clients are always the same: a saver in his forties, wealthy and ready to take risks, and another, "risk aphobic", with slightly lower incomes.
