ACPR has reprimanded Société Générale and imposed a fine of 20 million EUR (23.2 million USD) over shortcomings in its insurance intermediation activities.

The French regulator, ACPR, has issued a formal reprimand and a €20 million ($23.2 million) fine against Société Générale.

The reason is an inspection (2023-2024) revealed major flaws in the bank’s insurance distribution practices.

Since 2018, the bank failed to provide proper advice and meet disclosure requirements when selling “Sobrio,” a bundled banking package that automatically included a property and casualty insurance policy.

Société Générale was also found to have failed in its duty to act in the best interests of its clients when selling several other standalone insurance policies (such as “Certicompte,” “Certi Epargne,” and “Mon Assurance Mobile”).