The Financial Markets Authority on Friday demanded a fine of 1.1 million euros against the Ile-de-France regional establishment of the bank CIC for breaches of European regulation MIF 2 around financial advice.
During a session of the sanctions commission of the stock market policeman, he was notably criticized for shortcomings related to the formulation of investment advice, erroneous information on costs as well as the failure to detect a mismatch between the offers and the financial profile. client.
A warning was also requested because of these breaches, noted after an inspection initiated in 2018, a little over a year after the implementation of the new regulatory requirements. The CIC contested all the grievances. He assured AFP on Thursday that no gain or benefit from these situations has been withdrawn and that no customer has been harmed.
Another CIC regional bank, CIC Sud Ouest, is due to appear before the same commission in the afternoon for similar reasons.
The CIC has announced that it has taken remedial measures. This testifies to the desire to improve the process and to the awareness that the shortcomings identified were not acceptable for an institution of the scope of CIC, justified the representative of the AMF Colleague.
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