The French Financial Markets Authority has published the results of a new mystery shopping campaign on the sale of financial products in bank branches, finding that advisers’ questioning of prospective clients was often insufficient and had deteriorated versus the 2019 and 2022 campaigns. The review, conducted between September 2025 and February 2026 across 145 visits at 11 large retail banks, also found that fees were still too rarely discussed and that required documentation was provided less often. Commercial recommendations were more diversified than in earlier reviews, and practices were better when the customer moved into an actual subscription process, but still fell short of the standards expected under MiFID II. Projects and investment horizon were usually covered, with more than four in five visitors asked about those points, but risk tolerance and sustainability preferences were raised in only about half of visits. Financial knowledge was assessed in more than two-thirds of meetings and financial experience in about half. Life insurance remained the most frequently proposed wrapper regardless of client profile, while equity savings plans, retirement savings plans and securities accounts gained ground, with the equity savings plan proposed in more than 60% of cases. Advisers also proposed more equity funds, bond funds, exchange-traded funds and structured products than in the past. Fee disclosure remained weak: fees for the equity savings plan and securities account were presented in only 29% of risk-averse visits and 36% of risk-seeking visits, while the fees of recommended instruments were discussed in fewer than one in three meetings. Delivery of key information documents also fell sharply from 2022 levels, to 9% of risk-averse visitors and 13% of risk-seeking visitors. The authority has already met each of the banks visited to discuss the findings and areas for improvement. It also pointed to a joint five-year retrospective review launched with the Prudential Supervision and Resolution Authority in 2025, with conclusions due before the end of the year, and urged firms to strengthen client questioning, fee information and delivery of regulatory documents as European Union retail investment rules evolve.
France Autorite des marches financiers2026-07-09
French Financial Markets Authority flags weaker client questioning and limited fee disclosure in 145 mystery shopping visits at 11 banks
The French Financial Markets Authority’s latest mystery shopping review of 11 banks found weaker client questioning, limited fee disclosure and reduced delivery of key information documents compared with earlier campaigns. The 145 visits also showed more varied product recommendations, although practices remained below MiFID II expectations even where customers proceeded to subscription. The authority has told firms to improve questioning, fee transparency and document delivery.