The French Financial Markets Authority published the results of a 2025 mystery shopping exercise carried out with IPSOS in 145 branch visits across 11 banking brands in France to assess sales practices against MiFID II. Using risk-averse and risk-seeking profiles, both as prospects and as new clients opening a securities account and investing in a fund, the exercise found that the overall quality of client profiling remained insufficient and worsened compared with earlier campaigns. Advisers usually covered clients' financial goals and investment horizon, but questioning was weaker on income, expenses, ability to bear losses, risk tolerance and sustainability preferences, and knowledge and experience were not consistently explored. Product recommendations remained broad, with life insurance still the most frequently proposed wrapper, while the equity savings plan, retirement savings plan and securities accounts rose markedly. Equity funds, bond funds, exchange-traded funds and formula funds or structured products were proposed more often, while real estate collective investment vehicles declined. Across product categories, discussions continued to emphasize advantages and benefits more than drawbacks and fees. Cost and charges information on financial instruments was provided in only 35% of risk-averse prospect meetings and 27% of risk-seeking prospect meetings, and documents handed to clients were mostly commercial rather than regulatory. Regulatory document delivery fell significantly versus 2022, and suitability reports were rarely provided. Findings were more favorable at the subscription stage, where MiFID II obligations fully applied. Questioning was more detailed on several key items, and the sequence of profiling before account opening and investment was respected in all but one of the 23 subscription cases. Even so, the Authority found that not all suitability questionnaire items were covered, fees on both wrappers and instruments were still insufficiently discussed, and suitability reports and regulatory documents remained infrequently delivered.
France Autorite des marches financiers2026-07-09
French Financial Markets Authority finds weaker MiFID II profiling and fee disclosures in 145 mystery shopping visits at 11 bank brands
The French Financial Markets Authority's mystery shopping review of 145 visits at 11 bank brands found that MiFID II client profiling remains insufficient and has deteriorated from earlier rounds. Banks continued to emphasize product benefits over drawbacks and fees, while regulatory documents and suitability reports were rarely provided. Subscription meetings were stronger than prospect meetings, but fee disclosure and full suitability assessment still fell short.