Publication of the 2011 Annual Report of the ACP-AMF Joint Committee

07 June 2012

On Friday 25 May, the 2011 Annual Report of the Joint Committee of the Autorité de Contrôle Prudentiel (ACP) and the Autorité des Marchés Financiers (AMF) was presented at a press conference.

In its two years of existence, the ACP-AMF Joint Committee has demonstrated its efficiency and usefulness in protecting clients of the financial sector by coordinating a large number of actions.

• Almost 100,000 calls handled 18 months after the launch of the joint information platform – Assurance Banque Épargne Info Service.
• 12 joint inspections conducted in 2011, following on from the first three inspections in 2010. These inspections pinpointed deficiencies in the information collected from customers and shortcomings in the formalisation of advice and warnings.
• Joint initiatives to enhance consumer protection: after addressing the distribution of financial complex products in 2010, these initiatives focused in 2011 on the foreign exchange (Forex) market and on claims handling throughout the financial sector.
• The two Authorities launched awareness-raising actions targeting training organisations: the qualification of the personnel who are in contact with customers has a significant impact on business practices.

In 2012, joint inspections of players in the insurance contract distribution chain, in particular of asset management companies, banking institutions, distribution platforms and companies with both insurance broker and financial investment advisor statutes, will continue. A new, more dynamic, more visible and functional website will be set up. The Joint Committee will pursue its mission to oversee business practices that might require coordinated action by the two Authorities.

Press release

Full report

© AMF - Autorité des Marchés Financiers