ACPR - Autorité de Contrôle Prudentiel et de Résolution

Societt Generale Sanctioned EUR 20 Million for Failing Obligations with "Sobrio" Services The Autorité de Contrôle Prudentiel et de Résolution (ACPR) has sanctioned Société Générale for failing to meet pre-contractual information obligations and advisory duties since 2018 regarding its "Sobrio" banking services, which included an insurance contract from its subsidiary, Sogessur. Société Générale did not properly assess if the insurance contracts met clients' needs. The violations also applied to contracts sold independently of "Sobrio." The decision will be published in the ACPR's register under Société Générale's name for five years.