savers sometimes badly advised

savers sometimes badly advised

In detail, the customer’s knowledge is “insufficiently questioned”. 184265034/goodluz –

The Autorité des marchés financiers highlights practices “problematic” And “sometimes non-compliant”. In question, the proliferation of forms and their complexity.

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 practices “problematic” And “sometimes non-compliant”.

In detail, the customer’s knowledge is “insufficiently questioned”. The question of risk tolerance, although mandatory, “is asked only once in two”. Similarly, information on fees, also a must, is only presented “that in a little more than one out of two cases“. She also remains “often piecemeal”.

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, customers interested in investment advice or a financial product must, for example, also provide information on 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


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 need to fix it.” emphasizes 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: an investor in his forties, wealthy and ready to take risks, and another, “risk aphobic”, with slightly lower incomes.

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