The joint unit of the Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR) published a detailed mapping of structured products sold to retail investors in France, covering market growth, distribution channels and product features. Given the products’ complexity, the authorities indicated they will continue close monitoring and may adjust their supervisory approach to support investor protection. The study, initiated through a working group created in 2024, focuses on debt securities and formula funds marketed in France between 2021 and 2023 and draws on data collected from 10 banks. It finds gross inflows increased from around EUR 23bn in 2021 to nearly EUR 42bn in 2023, with 80% sold through life insurance and 20% via public offers and securities accounts, and notes that almost half of the products over 2021–2023 were aimed exclusively at informed retail investors. Performance to date was mostly positive in rising markets, with capital loss occurring in under 1% of products redeemed over the period and a median annual gross return of 6–7% (excluding fees and tax), while warning that future outcomes could be less favourable; it also reports no related complaints received in recent years. Two-thirds of products carried capital-loss risk in adverse markets despite a growing share of fully capital-protected products at maturity, and the review did not identify products referencing alternative underlyings such as commodities or crypto-assets; ESG-linked structuring was reported to be declining. The AMF–ACPR joint unit plans further work on the marketing and returns of structured products as part of ongoing supervision.

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