{"id":74146,"date":"2026-09-04T02:44:49","date_gmt":"2026-09-04T02:44:49","guid":{"rendered":"https:\/\/www.europesays.com\/france\/74146\/"},"modified":"2026-09-04T02:44:49","modified_gmt":"2026-09-04T02:44:49","slug":"french-regulator-fines-socgen-e20m-over-customer-disclosure-failings-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/france\/74146\/","title":{"rendered":"French regulator fines SocGen \u20ac20m over customer disclosure failings"},"content":{"rendered":"


\n The bank fell short of requirements on pre-contract disclosure. Credit: olrat\/ Shutterstock.com. <\/p>\n

France\u2019s banking watchdog has levied a \u20ac20m ($23.3m) sanction on Societe Generale over disclosure failures affecting some retail clients, reported Reuters<\/a>.<\/p>\n

In a statement, the Autorit\u00e9 de contr\u00f4le prudentiel et de r\u00e9solution (ACPR) said the lender did not inform customers in 2018 that an insurance policy was being added automatically when they opened a new account product known as \u201cSobrio\u201d.<\/p>\n

\"\"\/<\/p>\n

Access deeper industry intelligence<\/p>\n

\n Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.\n <\/p>\n

\n
\n Find out more<\/p>\n

<\/a>\n <\/p>\n

The watchdog said the bank fell short of requirements on pre-contract disclosure and failed in its obligation, as an insurance intermediary, to serve customers\u2019 best interests.<\/p>\n

Societe Generale said it had noted the ruling and moved to address the matters once they were identified during the ACPR\u2019s 2024 inquiry, the news publication added.<\/p>\n

The bank also said clients had been reimbursed.<\/p>\n

SocGen said: \u201cOur interpretation of the law applicable to combined banking and insurance product offerings \u2060differed from that of the authorities, and we are carefully examining the appropriate next steps \u2060in response to this decision, including the possibility of appealing to the Council of State.\u201d<\/p>\n

Meanwhile, in January,\u00a0the French lender\u00a0outlined a proposal to\u00a0trim its workforce<\/a>\u00a0in France by 1,800 positions, primarily through \u201cnatural attrition\u201d.\u00a0<\/p>\n

As part of its restructuring efforts, Societe Generale recently conducted a collaborative programme involving nearly 2,000 staff members.<\/p>\n

In a statement at the time, the bank said: \u201cIn line with its strategic roadmap announced in September 2023 and its ambition for sustainable performance, Societe Generale continues to enhance its operational efficiency, simplify its organisation, and invest in skills development and internal mobility.\u201d<\/p>\n

Last year, Societe Generale \u202fintroduced anti-financial crime technology\u202f<\/a> from Palantir Technologies into its international retail banking operations.\u00a0<\/p>\n

The bank is making use of a range of tools developed on the Palantir Foundry platform. These tools feature analytics and machine learning capabilities aimed at identifying and addressing financial crimes such as money laundering and fraud.<\/p>\n

\"Email<\/p>\n

\n Sign up for our daily news round-up!
\n Give your business an edge with our leading industry insights.\n <\/p>\n","protected":false},"excerpt":{"rendered":"The bank fell short of requirements on pre-contract disclosure. Credit: olrat\/ Shutterstock.com. France\u2019s banking watchdog has levied a…\n","protected":false},"author":2,"featured_media":74147,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12932],"tags":[12955],"class_list":["post-74146","post","type-post","status-publish","format-standard","has-post-thumbnail","category-societe-generale","tag-societe-generale"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/74146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=74146"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/74146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/74147"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=74146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=74146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=74146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}