The insurance supervisor published a series of recommendations on Tuesday to better regulate the distribution of insurance products and the management of conflicts of interest.
Following a series of interventions, the Prudential Control and Resolution Authority (ACPR) highlighted heterogeneous practices, and not always sufficiently respectful of the interests of the clientele, according to this series of recommendationswhich concern the implementation of a European directive dating from 2018. The ACPR insists in particular on the importance of defining the target market of an insurance product, in order to allow the designer to adapt the particularities of the product the needs, characteristics and objectives of this group of customers.
The costs must be effectively proportionate to the service rendered, also recalled during a press presentation Jean-Paul Faugre, vice-president of the ACPR.
It happens that distributors, and their sales staff, are interested in selling support
At the end of 2022, he banged his fist on the table, emphasizing that a movement by professionals would be appropriate or even necessary on the subject of the fees applied to certain savings products. Since then, the federation of insurers has begun work on the subject.
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The ACPR has also made recommendations to prevent conflicts of interest. It happens that distributors and their sales staff are interested in selling support (…) and it is clear that this can bias the exercise of the duty to advise, explained Mr. Faugre. If we commit to this recommendation, we fully understand that it will be followed (…), it is not optionalwarned the vice-president of the ACPR.
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