The ACPR and the AMF, the two authorities which supervise the financial sector in France, jointly called on Tuesday for banks and insurers to better protect the elderly and vulnerable.
Big up to the bank employee who, finding my Alzheimer’s grandmother completely helpless in her agency (and we have already warned the agency, we know the situation), made her take out lots of contracts, JB gets carried away on X, the new name of the social network Twitter. His case is not isolated!
In a report published this Tuesday, the Prudential Control and Resolution Authority (ACPR), the banking watchdog, and the Financial Markets Authority (AMF) call for more vigilance at banks towards vulnerable seniors.
Faced with commercial pressure from unscrupulous bank advisors pushed to sell or under the unwise advice of loved ones, elderly and/or fragile people can make the wrong decisions with their money and sign binding documents that are harmful to their personal finances.
Average wealth — greater than 300,000 euros for those over 60, compared to 43,000 euros for those under 30 — particularly exposes vulnerable people, underlines Grégoire Vuarlot, director of commercial practices control at the ACPR in the columns of the Parisian.
In this note based on work carried out over 5 years, regulators note that the majority of establishments have taken this issue into account and have trained their staff. However, major disparities remain to this day and certain establishments are currently displaying major principles without translating them into action.
Identify a cluster of vulnerability indicators
Two thirds of establishments have implemented very concrete actions, notes Grégoire Vuarlot, to learn to identify a range of indicators of vulnerability among their customers (change in behavior, atypical financial transactions, prolonged inactivity of accounts) and avoid making them subscribe to products which they do not need or have not understood all of the issues.
We have noted that certain establishments prohibit any canvassing or any promotion, or even any subscription to risky or illiquid products for their clients above a certain age, observes Claire Castanet, director of relations with savers and their protection at the AMF with Daily.
Overall, from the age of 85, maximum precautions are taken. Of the fifteen banking establishments and insurance companies met, the majority took this question into account, the editors congratulate themselves. To avoid the most problematic situations, the ACPR and the AMF advise banks to appoint vulnerability focal points (on the disability model) or to proceed double verification of contracts beyond a certain age.