Disputes related to the Equity Savings Plan (PEA) increased further in 2022. A 10% increase due in particular to complaints related to transfer times.
Disputes related to the Plan pargne en Actions (PEA) are still at the top of the grounds for referral to the Autorité des Marchés Financiers (AMF) for the second year in a row. 362 requests were submitted to the mediator, up 10%, according to the AMF mediator’s annual report released last month. They had already doubled between 2020 and 2021.
Two-thirds of the files received last year concern the transfer times of this plan in the event of a change of establishment, the causes of which can be multiple and cumulative, explains the AMF.
In order to find practical solutions to the existing dysfunctions, a working group was created last September. The AMF then made several proposals, including:
- harmonize the administrative requirements of institutions;
- reduce response times between establishments in the event of an incomplete file;
- make systematic use of the standardized tax information form;
- limit the duration of blocking of client arbitrations.
Equity savings plan: 3, 6, 9 or even 12 months to transfer a PEA… Here are the AMF’s ideas
More information for customers
The AMF also recommended strengthening information to clients, in particular by warning them of the factors of complexity specific to its plan (collateral, unlisted securities, securities transactions, etc.) and by providing a educational information document de Place explaining the different stages and the potential points of difficulty related to his portfolio. It is also specified that transfer fees are applied, amounting to maximum of 150 euros.
The French Association of Financial Markets AMAFI, the French Banking Federation FBF, the National Association of Joint Stock Companies ANSA, France Post-March, former French Association of Securities Professionals AFTI) have welcomed the proposals, is delighted to AMF in a new press release dated July 12.
In this context, professionals have made commitments to improve customer information throughout the transfer process, to harmonize market practices in order to streamline exchanges between account holders and, therefore, to reduce transfer times.
According to the Banque de France, the number of PEAs was 5.2million at the end of 2022for outstandings of more than 100 billion euros.
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