France’s banking authority penalized Societe Generale for failing to inform customers about automatic insurance policies linked to accounts.
France’s banking regulator imposed a €20m fine on Societe Generale for disclosure failures related to an insurance policy automatically added to a 2018 account product. The Autorité de contrôle prudentiel et de résolution (ACPR) said the bank did not meet pre-contract disclosure requirements or act in clients’ best interests as an insurance intermediary.
The ACPR’s inquiry, concluded in 2024, found the bank’s interpretation of combined banking and insurance regulations differed from authorities. Societe Generale stated it had reimbursed affected clients and was reviewing potential next steps, including an appeal.
The fine follows the bank’s January announcement to cut 1,800 jobs in France as part of broader restructuring efforts.