In April, Patrick Montagner, Deputy Secretary General of the ACPR, sat down with Patrimoine Online to discuss recent developments in retail investment strategy. Addressing concerns about investor protection, Montagner emphasized ongoing regulatory efforts aimed at enhancing transparency and efficacy in the market.
While rejecting notions of a sweeping overhaul, Montagner underscored the need for a comprehensive review: “The range of investment products has expanded significantly over the years. It’s crucial to ensure that each unit-linked insurance product is useful, understandable to end investors, and provides adequate long-term returns.”
Montagner acknowledged the complexity of the task, noting insurers’ collaborative efforts in scrutinizing each unit-linked product’s characteristics and underlying assets. He highlighted ongoing dialogues with asset managers and considerations for policyholders who may wish to retain specific units despite potential dereferencing.
Regarding the European Parliament’s Retail Investment Strategy (RIS), Montagner addressed perceptions of a softened approach: “European legislative processes involve intricate negotiations among the Commission, Parliament, and Member States. While certain aspects, like retro-commissions, have been retained, the text remains subject to further evolution.”
Montagner emphasized that the regulatory journey is iterative, aiming to safeguard client interests over the long term. As discussions continue, he stressed the dynamic nature of regulatory frameworks in adapting to evolving market conditions.
This ongoing dialogue reflects a commitment to balancing market innovation with robust investor protections, ensuring sustainable growth in retail investments across Europe.
