France's Autorité de contrôle prudentiel et de résolution has fined Société Générale €20 million, roughly $23 million, and issued a reprimand over failings in disclosing pre-contract information on a bundled insurance product to retail clients. The Sanctions Commission's decision was pronounced on 13 May 2026 and published on Monday.
According to the ACPR's decision, published on the regulator's website, the findings related to the "Mon Assurance au Quotidien" collective insurance contract, which had been automatically included in the bank's Sobrio bundled offer since its launch in 2018. In its role as insurance intermediary, Société Générale was found to have breached its pre-contractual information obligations and its duty of advice on that contract, and its duty of advice and obligation to act in clients' best interests when selling several other insurance contracts outside the Sobrio offer.
SOBRIO ACCOUNT AT THE HEART OF THE CASE
The Sobrio account was introduced in 2018 as a bundled banking offer combining a range of everyday banking services with an insurance component. The Sanctions Commission held that these obligations applied regardless of the legal classification of the contract or the way it was distributed within the bundled offer.
In addition to the €20 million pecuniary sanction, the Commission imposed a formal reprimand on Société Générale.
THE SANCTIONS COMMISSION
The ACPR's Sanctions Commission is a formally independent body within the French regulatory architecture, and its decisions are published on the regulator's website for transparency.
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