The ACPR and AMF Joint Unit for Insurance, Banking and Retail Investment has published its 2024 Annual Report

Faced with an upsurge in financial scams, the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (the French Prudential Supervisory and Resolution Authority, ACPR) have redoubled their efforts under the Joint Unit to inform the public and raise awareness of the risk of scams. In all, almost 1,460 unauthorised websites or market participants have been added to one of the six blacklists on the ABE Infoservice website. A new campaign, ‘Arnaque ou Pas - Le Mag Info’ (Scam or Not - The Info Mag), was produced and relayed over the Internet and traditional media, with over three million hits. At the same time, as part of their active monitoring of commercial offers and unauthorised offers, they analysed 2,200 advertisements distributed over traditional or digital media (email, Internet, social media, etc.).

The two authorities exchange views and coordinate their respective inspections in relation to the distribution of financial products to retail clients. In addition, based on the lessons learned from these inspections, in 2024, the Joint Unit initiated a retrospective study of changes in practices over the last five years, in terms of advice for example, in order to identify any recurring difficulties in applying the law.

Mapping structured products, alternative investment funds and accessibility: focus on three of the Joint Unit's priorities for 2024-2025

Against a backdrop of strong market growth, as evidenced by the €42 billion in inflows in 2023 (compared with €23 billion in 2021), the Joint Unit has mapped the structured products marketed to retail investors in France over the period 2021-2023. This map reviews the main distribution channels and the characteristics of these products (complexity, presence of capital protection at maturity). Now that this first step has been taken, the two authorities are continuing their analysis, focusing this year on the fee structure and marketing rules in particular.

The Joint Unit has also undertaken work on a category of alternative investment funds whose regulatory framework has been simplified and which are now accessible to retail customers through life insurance. These funds have developed in the real estate segment in particular, as an alternative to real estate collective investment undertakings (OPCIs). This year, the ACPR and the AMF will continue their work to clarify the regulatory framework in place for the various real estate investment vehicles, in conjunction with the Directorate General of the Treasury and the Financial Centre.

In addition, simplified access to an environment of products, services and associated information is a key element of consumer protection. The European Accessibility Directive, which lays down new requirements in this field, will come into application from 28 June 2025. The AMF and the ACPR have coordinated their efforts in this area under the auspices of the Joint Unit.

The Savings and Investments Union: a major challenge

On 19 March 2025, the European Commission set out its strategy for a Savings and Investments Union. This Union should make it possible to better channel Europeans’ savings towards the long-term financing of the European economy, and in particular the financing of the climate transition, the digital transition and European defence. The recent announcement of the European ‘Finance Europe’ label by seven countries, including France, is an important step forward. For both the AMF and the ACPR, it is vital to make the investor the centre of attention and to support retail investors in financing the European economy. Simplifying the client journey for investors, while maintaining the same level of protection, is one of the levers of choice of the two authorities. 

About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets. Visit our website https://www.amf-france.org/en

About the ACPR
The Autorité de Contrôle Prudentiel et de Résolution is the administrative authority operationally attached to the Banque de France that supervises the banking and insurance sectors and ensures financial stability. The ACPR is also responsible for protecting the customers of the supervised institutions and ensuring the fight against money laundering and the financing of terrorism. It also has resolution powers. The ACPR’s operational departments come under its General Secretariat. Visit our website at https://acpr.banque-france.fr