Hello everyone, your insurance, banking and finance press review this week.

• A case study by the Insurance Ombudsman on the immobilization of a vehicle and the obligation to insure it    
• SCPI: AMF calls market players to order.
• AMF Ombudsman resolves case concerning the release of sums invested in a PERCOL savings plan
• The Senate adopts the bill on the resilience of critical infrastructures and the strengthening of cybersecurity
• Financial player reaches agreement with AMF
• DGCCRF publishes its 2024 activity report and 2025 outlook
• Insurance: a single questionnaire to harmonize distributor compliance
• A look back at the Matinée de la protection des clientèles des banques et des assurances.

Médiateur de l'assurance case study: immobilizing a vehicle does not exempt you from compulsory coverage

March 2025

As confirmed in this case studymotor insurance is compulsory, even when a vehicle is immobilized, to cover civil liability in the event of damage caused to third parties.

In a recent case, an insured, having immobilized his vehicle after several claims, requested reimbursement of the insurance premium for the repair period.

The insurer rejected his claim, pointing out that Article L.211-1 of the French Insurance Code requires minimum coverage for all vehicles, including third-party liability, even when they are not on the road.

The Médiateur de l'assurance confirms that the insurer has acted correctly, and recommends that the policy be adapted to take account of the prolonged immobilization, notably by opting for cover limited to third-party liability.

SCPI: AMF calls market players to order

March 12, 2025

To protect investors, the Autorité des marchés financiers ("AMF") has issued a reminder in a publication aimed at those involved in the distribution of non-trading real estate investment trusts ("SCPIs"), reminds them of their information obligations.

The AMF has observed a proliferation of unbalanced, even misleading, sales pitches, particularly concerning past performance and the risks inherent in these investments.

The Autorité insists on the need for clear, accurate and non-misleading communication, respecting the rules for calculating performance indicators.

Failure to comply could result in disciplinary action being taken against the players concerned.

Resolution of a case by the Mediation officer of the Autorité des marchés financiers concerning the unlocking of sums invested in a PERCOL savings plan

March 13, 2025

The transformation of the Plan d'Epargne pour la Retraite Collectif ("PERCO") into the PER Collectif ("PERCOL") has led to an unexpected change in the rules governing early release of funds. Whereas the PERCO allowed savers to access their funds to finance the restoration of their main residence following a natural disaster, this is no longer the case under the PERCOL.

This is what Mrs D. discovered when her house was damaged by a drought recognized as a natural disaster. Despite her efforts, her financial institution refused to release the sums invested in her PERCOL, citing the absence of such a provision in current regulations.

Faced with this situation the AMF Mediation officer intervened and asked for an equitable solution.

After consultation with the Direction Générale du Travail, which shared its analysis, the company finally agreed to an exceptional release.

This case highlights a regulatory inconsistency that could penalize many savers faced with increasingly frequent natural disasters. The Mediator is therefore calling for a change in the law to bring the rules of the PERCOL into line with those of the PERCO, and to guarantee employees financial protection adapted to current climatic realities.

The Senate adopts the bill on the resilience of critical infrastructures and the strengthening of cybersecurity

March 12, 2025

the Senate has passed the first reading of the bill on the resilience of critical infrastructures and the strengthening of cybersecurity..

This text, now sent to the French National Assembly, aims to transpose three essential European directives (REC, NIS2 and DORA) to better protect strategic sectors in the face of rising cyberattacks, particularly ransomware, which has risen by 30% between 2022 and 2023.

The bill extends protection to 15,000 essential entities, including local authorities and higher education establishments, while strengthening the security of the financial sector.

The Senate has made a number of changes designed to clarify the obligations of the players concerned, limit overtransposition and harmonize application deadlines.

Financial player reaches agreement with AMF

March 13, 2025

On March 13, 2025, the Autorité des marchés financiers ("AMF") announced the conclusion of an administrative composition agreement with a player in the financial sector. This agreement, signed on December 9, 2024, follows breaches identified during an inspection carried out by the regulator.

Among the main objections raised, the AMF noted a lack of information concerning the remuneration received by the company for advised subscriptions. In the majority of cases analyzed, the documents provided to customers contained erroneous or incomplete information concerning remuneration.

In terms of LCB-FT compliance, the AMF found serious shortcomings in the procedures put in place by the company. The absence of sufficient operational measures to detect and deal with suspicious transactions was highlighted. The company's internal control plan, although already in place, lacked detail on the allocation of duties to those responsible for due diligence and the organization of controls.

The audit also revealed shortcomings in the implementation of the necessary vigilance with regard to certain customers. In several cases, essential information, such as proof of source of funds or balance sheets, had not been collected, in breach of legal requirements for the prevention of money laundering and the financing of terrorism.

Under this agreementthe company agreed to pay 60,000 euros to the French Treasury. The agreement allows the case to be closed without any admission of criminal wrongdoing, while at the same time imposing stricter compliance measures within the organization.

The AMF stresses that this approach is in line with its mission to monitor markets and protect investors. The aim of this type of procedure is to ensure rapid compliance, while avoiding lengthy and uncertain litigation.

DGCCRF publishes its 2024 activity report and 2025 outlook

March 13, 2025

In a publicationthe Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes ("DGCCRF") declares that it has been strongly mobilized on key issues such as inflation, purchasing power, the ecological transition and digital transformation. Its core missions - protecting consumers, regulating competition and combating fraud - have led to an intensification of controls.

A total of 64,979 establishments and websites were inspected, including :

• 21,769 warnings and 8,625 injunctions,
• 2,356 administrative fines,
• 3,447 referrals to the public prosecutor for the most serious offences.

In 2025, the DGCCRF will continue this increased vigilance by adapting its controls to the new economic and digital challenges, with the aim of strengthening market transparency and consumer confidence.

Insurance: a single questionnaire to harmonize distributor compliance

March 13, 2025

To take account of the ACPR's recommendation on the implementation of the Insurance Distribution Directive (IDD), 26 insurance groups, wholesale brokers and PLANETE CSCA have collaborated, via EDICourtage, to create a common, centralized questionnaire.

This initiative aims to optimize the management of regulatory obligations by simplifying the process for distributors and their partners. In concrete terms, the scheme will streamline administrative procedures by avoiding the need for distributors to respond to a multitude of questionnaires at different times of the year.

A look back at the Matinée de la protection des clientèles des banques et des assurances (French only)

March 14, 2025

On March 14, the Maison du Barreau hosted the Matinée de la protection des clientèles des banques et des assurances.

On the program the eventseveral crucial topics were addressed, including the marketing of loan insurance and funeral contracts. The latter subject attracted particular attention in 2024, following the opinion issued by the CCSF on October 8 of that year.

Very good week.