Overview
- The ACPR, France’s banking and insurance watchdog, announced the €20 million fine Monday, the body’s largest since 2018, along with a formal reprimand called a blâme.
- Société Générale fell short of pre‑contract information and advice duties when selling its Sobrio package, which ties a payment card to a built‑in property damage insurance policy.
- The sanctions panel said the bank chose an inaccurate legal reading that supported its own financial interests rather than acting in customers’ best interest.
- On‑site inspections in 2023 and 2024 found broad failings across several retail products, including Sobrio, Certicompte, Certi Epargne, and Mon Assurance Mobile, with the decision dated May 13.
- The bank says it has corrected identified issues and is weighing an appeal to the Conseil d’État, following earlier ACPR penalties against the group in 2024 and 2017.