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I received a donation of 50,000 euros and I wish to invest all or part of this money for the next ten years, with a view to my retirement. What do you recommend ?
This is the scenario imagined by the Autorité des marchés financiers (AMF) to assess, through a campaign of “mystery visits” carried out from June to October 2022, the quality of investment advice provided in bank branches, and compliance with relevant regulations.
European regulations require the seller of financial services to gather a great deal of information about the client beforehand – his investment experience and knowledge, his financial situation, his investment objectives and horizons, his risk tolerance. And to offer him only products corresponding to his profile.
Two hundred and ten visits were thus carried out in eleven banking networks, with the help of the Ipsos institute. Published on March 6, the results raise questions.
Certainly, “the majority of establishments visited have made progress in applying the customer discovery obligations required by (the second European directive on markets in financial instruments) MIF 2 », notes the AMF, which reports in particular an improvement in the questioning of its financial situation and its (financial) capacity to bear losses. The last campaign of mystery shopping was carried out in 2018, the year this directive came into force.
Tuned fees
But the Autorité above all points to a series of practices “problematic”. Even, for some, “very problematic” since “according to the feedback from mystery visitors, the establishments visited are not in compliance on these two major subjects”.
The regulations require the adviser to provide the client with a “suitability report”, in which he details his profile, the products he has recommended to him, and for what reasons. According to mystery visitors, this document is only handed over in about one out of ten cases! “However, this summary is mainly done orally”notes the AMF.
Another subject: the presentation, by the adviser, of the costs that will be levied on the products, whether it is a securities account, an equity savings plan (PEA), or insurance. -life. Mystery visitors indicate that they have only been introduced to them… about half the time. And in six or seven cases out of ten, these costs are not detailed in any document. ” When (they) are discussed during the meeting, few examples of references or tables are explained orally. However, the terminology used appears clear and understandable.specifies the AMF.
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