The Ombudsman publishes his 2025 Annual Report

Ombudsman’s key figures for 2025

In 2025, the AMF Ombudsman saw a record increase in the number of referrals received. The number of cases processed and closed also rose significantly. This trend continued in the first half of 2026. 

The 2025 key figures are:

• 3,010 cases received, compared to 2,204 in 2024, representing an increase of 37%. In the first six months of 2026, 1,865 cases were registered, representing an increase of 31% compared to the same period in 2025;
• 2,772 cases processed and closed, compared to 1,969 in 2024, representing an increase of 41%. By the end of June 2026, 1,525 cases had been processed and closed, 14% more than a year earlier;
• 888 proposed solutions were issued in 2025, and 92% of the proposals made by the Ombudsman, whether favourable or unfavourable, have been accepted by both parties. In the first six months of 2026, 422 proposals were issued, of which 58% were favourable.

The PEA remains the top reason for referral

Up by almost 150% compared to 2024, with 462 cases processed in 2025 compared to 185 in 2024, disputes relating to the PEA were, this year once again, the primary reason for referral to the AMF Ombudsman. Work on PEA-related referrals remains particularly intense in 2026, with 363 cases processed by the end of June.

Nearly three-quarters of these cases involve difficulties related to PEA transfers, whether to european financial intermediaries operating under the freedom to provide services in France or between French financial institutions. The arrival of new market participants in the PEA ecosystem has led to high demand for transfers and, consequently, a significant number of cases being referred to the ombudsman.

Employee savings schemes also remain a major topic 

The number of cases closed in 2025 was up by 46% (252 cases processed in 2025, compared to 174 in 2024). In the first half of 2026, 117 cases were processed. Requests for the early release of funds remain the top reason for referral, ahead of difficulties related to allocation choices for profit-sharing or incentive scheme bonuses.

SCPIs and crowdfunding

Against a backdrop of a turnaround in the real estate market in recent years, the increase in disputes relating to SCPIs, already observed in 2024, continued in 2025, with 199 cases processed and closed, compared to 141 in 2024, representing an increase of 41%. In the first six months of 2026, 77 cases were processed. The main difficulties encountered are the extension of execution times for withdrawal requests and doubts over investment advice. 

In this same context, crowdfunding is the dispute topic that has seen the strongest growth in 2025. The number of cases closed stands at 93, compared to 8 in 2024. This sharp increase is mainly due to the culmination, initiated in 2024, of lengthy negotiations undertaken with crowdfunding platforms. In the first half of 2026, 69 cases were processed.

Crypto-assets

The increase in the number of cases relating to crypto-assets continued in 2025, with a rise of 38% compared to 2024. As in previous years, only a third, about 30 cases, falls within the ombudsman's scope of competence. These cases relate in particular to restrictions on access to accounts in application of the anti-money laundering and countering the financing of terrorism regulation. As at the end of June 2026, 61 cases had been processed. The inadmissible cases were primarily in relation to facts likely to constitute fraud (54%) or disputes falling under the jurisdiction of another ombudsman (28%).

About the AMF

As an independent public authority, the Autorité des Marchés Financiers (AMF) protects savings invested in financial products, ensures that investors receive clear and reliable financial information, and maintains orderly financial markets. Through its engagement with European and international regulatory bodies, the AMF contributes to financial stability and effective regulation. The AMF develops and enforces regulatory standards, supervises market participants and market infrastructures, and takes action against misconduct and regulatory breaches. It also supports the transformation of the financial sector, particularly in the areas of innovation and sustainable finance. As an impact-driven regulator, the AMF acts in the public interest.

Regulate finance, reinforce confidence.

Visit our website:  https://www.amf-france.org/en