Hello everyone, this is the third banking, insurance and finance press review of May 2025.

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• The AMF posts a replay of its webinar on the fees and remuneration of financial investment advisors.
• Mortgages: recovery confirmed with 12 billion euros granted in March and lower rates
• The AMF publishes its 61st "Lettre de l'observatoire de l'épargne".
• AMF orders mandatory takeover bid
• Senators propose paid leave for victims of natural disasters
• Pregnancy-related trip cancellation: coverage inapplicable in the absence of fulfilled contractual conditions
• Death and securities accounts: tariff advantages do not outlive the holder
• SFAM/INDEXIA: UFC Que Choisir relaunches legal action for new fraudulent practices and puts the Banque de France on notice to compensate victims.
• Brokerage self-regulation associations: role, financial guarantees and continuing training: where do things stand?

Autorité des marchés financiers publishes replay of webinar on fees and remuneration of financial investment advisors

May 13, 2025

The Autorité des marchés financiers puts the the replay of its webinar entitled "Fees and remuneration in advisory services", held on December 05, 2024 for financial investment advisors. This remote workshop focused on the issues surrounding fees charged and remuneration methods for advisory services.

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Mortgages: recovery confirmed with 12 billion euros granted in March and lower rates

May 12, 2025

The Banque de France publishes its monthly report on housing loan production excluding renegotiations. March reached 12 billion euros, up sharply on the 10.8 billion recorded in February. This increase confirms a gradual recovery in the property market. At the same time, interest rates continued to fall, settling at 3.20%, returning to levels close to mid-2023.

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The AMF publishes the Lettre de l'Observatoire de l'épargne - N°61 (May 2025)

May 20, 2025

The Autorité des marchés financiers ("AMF") has published the the ^61st issue of its "Lettre de l'Observatoire de l'épargne"..

As in previous years, this publication provides an overview of the fees charged for financial investments, both for direct investments in individual equities (based on fees in force in January 2025) and for collective investments (based on average annual fees in 2024).

Among the key findings of this edition, we note a continuing decline in fees for equity and diversified funds, confirming a trend that has been in place for the past few years, and which is favorable to investors.

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AMF orders mandatory public offering

May 13, 2025

The AMF enjoined a company having acquired a majority stake in a company listed on Euronext Growth to file a proposed takeover bid within one month.

As this acquisition exceeded regulatory thresholds, it triggered an obligation to make a public offer for the shares not held. As the company concerned had not yet complied with this requirement, the AMF formally took a position on April 15, 2025. The company was notified of this decision on April 23, and must comply with the injunction by May 23, 2025 at the latest.

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Senators propose paid leave for victims of natural disasters

May 7, 2025

Faced with a growing number of extreme climatic events, senators are proposing the creation of a specific two-day of two days' paid leave for disaster-stricken employees. The aim of this scheme would be to enable employees to deal with personal emergencies without dipping into their paid leave. It would apply to municipalities recognized as natural disasters.

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Pregnancy-related trip cancellation: coverage inapplicable in the absence of fulfilled contractual conditions

May 6, 2025

A recent case published on the Médiateur de l'assurance website highlights the importance for policyholders of being fully aware of the conditions for implementing the cover provided under their contract, particularly in the case of insurance attached to a bank card.

An insured woman had booked a trip using her bank card, which included travel insurance covering, among other things, modification or cancellation of the trip. A few weeks before the departure date, she decided to cancel the trip due to her advanced pregnancy. Feeling justified in requesting activation of the "trip cancellation" guarantee, she asked the insurer for compensation to cover the costs not reimbursed by the organizer.

However, the insurer rejects her claim, arguing that pregnancy does not in itself constitute an event covered by the contractual warranty.

In this case, the contract expressly stipulated that "trip cancellation" cover could only be taken out in certain specific medical situations, and in particular in the event of a proven deterioration in the health of the insured or his/her spouse.

Pregnancy does not in itself constitute an alteration in health within the meaning of the cover provided, unless a complication is medically established. As the insured did not provide proof of a specific pathology or medical contraindication to travel, the contractual conditions were not met.

On this occasion, the Mediation officer stresses the importance for all policyholders to familiarize themselves with the general and special terms and conditions of the contract, as well as the exclusions of cover, as given at the time of subscription. He also points out that, although article L. 113-5 of the Insurance Code obliges the insurer to provide the services stipulated in the event of a claim, he cannot be held liable beyond what is expressly stipulated in the contract.

Death and securities accounts: tariff advantages do not outlive the holder

May 5, 2025

In a case published by the AMF Ombudsmanheirs challenged the brokerage fees charged by a bank for the sale of securities held in their deceased relative's securities account. They claimed that the deceased had benefited from preferential pricing conditions.

The Mediation officer pointed out that these advantages, linked to an agreement concluded in consideration of the customer's person, automatically end on death. In this case, the sale order had been sent by post by the notary, and not via the dematerialized channels (application, internet, telephone) required to benefit from the reduced rate. The bank was therefore entitled to apply the standard fee schedule.

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SFAM/INDEXIA: UFC-Que Choisir relaunches legal action for new fraudulent practices

May 6, 2025

In December 2024, the Paris Correctional Court had already convicted several entities of the SFAM group - now INDEXIA - of deceptive commercial practices, but UFC-Que Choisir has lodged a complaint against fraudulent acts that have not yet been judged. Over-payments, misappropriation of personal data and use of forgeries are still allegedly being perpetrated to the detriment of consumers. The association also denounces the prolonged passivity of the Autorité de Contrôle Prudentiel et de Résolution and the Banque de France to compensate victims..

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Self-regulating brokerage associations: role, financial guarantees, continuing training: where do things stand?

May 20, 2025

Two years after the introduction of the brokerage self-regulation system, the approved associations are now fully operational.
Some have had their approval withdrawn, while others are called upon to strengthen their internal procedures.

For insurance intermediaries, the consequences are very real, and checks on financial guarantees and continuing training are now raising many questions.

In a new episode of "Le Droit de Savoir" to be broadcast from Thursday May 22, Daisy Facchinetty, General Secretary of the Endya association, and Isabelle Monin Lafin of Astrée Avocats decipher this news and review some fundamental points:

- the operational role of approved associations,
- the practical implementation of controls,
- and two critical areas of vigilance:

✅ continuing education
✅ financial guarantee

The replay of this "Right to Know" is available here.

Very good week.