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

• At its "Matinée de la protection des clientèles des banques et des assurances", the ACPR highlighted a number of areas for improvement.    
• The French Constitutional Council rules on the right to remain silent during home visits by AMF investigators.
• The AMF introduces a fast-track procedure for defense investment funds.
• The AMF again, with a call for an ambitious strategy for the Savings and Investment Union.
• The latest news from the AMF this week, with the publication of instructions for unlocking employee savings schemes.
• Premium rate numbers: DGCCRF sanctions abusive practices.

Matinée de la protection des clientèles des banques et des assurances: according to the ACPR, the sector "can do better" and must make progress on the interest of products for the customer

March 14, 2025

Prior to Astrée's publication of a detailed analysis of the morning's topics, you will find here a summary of the ACPR's program and positions:

THE INTEREST OF THE PRODUCT FOR THE NON-LIFE INSURANCE CUSTOMER:

• Low "value for money": EIOPA has found that loan insurance has a low claims/premiums ratio, suggesting excessive profitability to the detriment of policyholders.
• Long deductible and waiting periods : up to 12 months.
• Little monitoring of contracts in terms of customer interests.
• High claim refusal rates for consumer credit and property loan insurance.
• Need for clarity: Guarantees are considered complex and difficult for borrowers to understand.

PARABANKING PRODUCTS: INSUFFICIENT ADDED VALUE

Parabank products have been particularly criticized:

• Very low utilization rate: Some warranties have a utilization rate of less than 1%, reflecting a lack of fit with customer expectations.
• Disproportionate costs: The sum of services billed in bundled offers is often higher than if each service were subscribed to individually.
• High commissions: Some products feature excessive margins, to the detriment of the customer.

FUNERAL CONTRACTS: ACPR CALLS FOR IMPLEMENTATION OF CCSF OPINION OF OCTOBER 8, 2024

• Lack of clarity on fees: Policyholders are not always informed of the total cost of their contract over time, nor of the cost of surrender.
• Incomplete or misleading information: The identification of the distributor, exclusions and the obligation to allocate the capital to funeral expenses are not always explained.
• Questionable sales practices: pre-ticked options and pressure to sell.

  You can replay all the videos of this morning's event on the ACPR website.

The French Constitutional Council rules on the right to remain silent during home visits by AMF investigators

March 21, 2025

The French Constitutional Council has ruled on the need to notify the right to remain silent during home visits by investigators from the Autorité des Marchés Financiers ("AMF").

BACKGROUND:

The Association des Avocats Pénalistes filed a priority question of constitutionality, arguing that Article L. 621-12 of the Monetary and Financial Code, as amended by Ordinance no. 2019-964 of September 18, 2019, did not provide for solicited persons to be informed of their right to remain silent.

This article stipulates that the "juge des libertés et de la détention" (liberty and custody judge) may authorize home visits by AMF investigators, for the purpose of investigating economic offences. The AMF can thus seize documents and question people on the spot, without explicitly informing them of their right to remain silent.

According to the association, this contravened article 9 of the 1789 Declaration of the Rights of Man and of the Citizen, which guarantees the right not to incriminate oneself.

THE RESPONSE OF THE CONSEIL CONSTITUTIONNEL :

The Conseil constitutionnel rejected the association's arguments, ruling that the disputed legislation did not infringe any constitutional requirements. The full text of the decision is available here.

The Autorité des Marchés Financiers (AMF) introduces a fast-track procedure for defense investment funds

March 20, 2025

To coincide with the launch of work on financing the Defense Technological and Industrial Base ("BITD"), thehe AMF is announcing a fast-track approval procedure for these specialized investment funds.. This initiative aims to facilitate strategic investments in the defense sector, while guaranteeing enhanced support for management companies.

At the same time, the AMF will continue its work at European level to ensure that sustainable finance regulations do not act as a brake on the financing of this key industry.

AMF calls for an ambitious strategy for the Savings and Investment Union

March 17, 2025

The Autorité des Marchés Financiers ("AMF") urges the European Commission to adopt an ambitious approach to accelerate the development of European financial markets.

In its contribution to the current consultationit highlights three priorities:

• mobilizing retail savings for the European economy
• strengthen European supervision to limit regulatory fragmentation
• relaunch the securitization market to boost financing.

At a time when the European Union needs to mobilize colossal resources for its climate, digital and defense transition, AMF insists on the need for a strong response to guarantee the continent's strategic autonomy.

AMF provides instructions for unlocking employee savings schemes

March 14, 2025

The Autorité des marchés financiers ("AMF") advises investors on the terms and conditions for early release of employee savings. While funds invested in a company savings plan ("PEE") or a group retirement savings plan ("PER") are, in principle, blocked for a fixed period, several situations allow earlier access: marriage, acquisition of a principal residence, cessation of employment, disability or even domestic violence.

The AMF stresses the importance of complying with the required procedures: identifying the eligible reason, providing the appropriate supporting documents and respecting the deadlines imposed. It also points out that applicable tax rules vary according to the type of plan and payments made. Finally, in the event of a dispute, the AMF Ombudsman can be contacted. A comprehensive guide is available to assist investors in their efforts..

Surcharged numbers: DGCCRF sanctions abusive practices

March 17, 2025

The Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (General Directorate for Competition, Consumer Affairs and Fraud Control) warns of the persistent abuse of premium-rate numbersafter inspecting 21 establishments in 2023. Eight of them were sanctioned for deceptive practices or breaches of regulations, such as artificially long calls or lack of clear information on rates.

The operators and publishers concerned have been subject to criminal and administrative proceedings, compliance injunctions and warnings.

As a reminder, the law prohibits the use of a premium-rate number to "collect a call from a consumer with a view to obtaining the proper performance of a contract concluded with a professional or the handling of a claim".

Very good week.