English
Français
ACPR has reprimanded Société Générale and imposed a fine of 20 million EUR (23.2 million USD) over shortcomings in its insurance intermediation activities.
The sanction follows an inspection carried out by the French regulator between 2023 and 2024.
Since 2018, Société Générale has marketed a bundled banking offer known as “Sobrio,” which includes automatic underwriting of the property and casualty insurance policy “Mon Assurance au Quotidien.”
According to the ACPR, the bank failed to meet its pre-contractual disclosure obligations and its duty to provide appropriate advice in its role as distributor of the insurance product.
The banking group was also sanctioned for deficiencies in its advisory duties and in its obligation to act in the best interests of clients when marketing the “Certicompte,” “Certi Epargne,” “Mon Assurance Mobile,” and “Mon Assurance au Quotidien” policies sold outside the “Sobrio” package.
