These are practices which will have to change

Jacques Delmas-Marsalet, Member of the College of the MFA, is on the marketing of financial products, including Council issues. He said the magnitude of the changes to be implemented in the banks.

How do you interpret the results of the investigation led to savers and published on the occasion of the annual talks of the MFA

TNS Sofres survey entirely confirms the analysis that I had made in my report on the marketing of financial products presented to the Minister of finance last year. In a context of transfer to depositors of the risk and responsibility for the choice of investments, this survey shows need for information and Council increased, but differentiated according to the profile of the investor. The survey makes clear highlight two categories. A minority of investors "warned" make their decisions independently after will be informed from various sources (media, Internet, etc.). Their protection lies in the quality of the information. Small or savers means, rely largely on their banking Advisor or their insurance intermediary.

For these less sophisticated investors, the Council should be improved...

Yes. The European markets in financial instruments directive also specifies the obligations in the matter. On the one hand, a financial intermediary may not advise a client to invest in this or that product only after ensuring that it is adapted to its investment objectives and financial situation. On the other hand, the Council shall be impartial. Clearly, it must be dictated by the interest of the client and not by way of remuneration of the consultant. In its approach to better regulation, the MFA well more closely monitor compliance with these requirements.

The implementation of the device causes a small revolution.

Banks, who, in France, distribute more than two thirds of financial products (including life insurance contracts), are the main concerned. Do not underestimate the importance of the changes to be implemented. Institutions must ensure sufficient training on the products they are authorized to propose to their vendors advisors. This training can be controlled through, for example, a "book of education" for each vendor. On the other hand, tools to help the Council must be made available to customer by agency managers to secure the provision of Board and power to extend it to broader customer layers. Finally, to ensure the impartiality of the Council, the banks will be to ensure the neutrality of the modes of remuneration, but also assessment of their business from the sale of a certain product.

Will the magnitude of investments to achieve not create blockages

Investments are important, but it is now that should engage them. First, because banks now have the means to fund; then, because the massive renewal of Bank staff who is in the fact of his pyramid, creates a unique opportunity to influence the behaviour and the corporate cultures.

Some fear that the new procedures hinder business development...

I do not. The improvement of the knowledge of the client may only open new opportunities for development. These are practices which will have to change. Campaigns for the promotion of the "product of the month", to sell to the maximum of people without too much concern whether if it corresponds to their needs, must gradually give way to campaigns exploration or to upgrade the equipment of the customer, more oriented towards it.

TNS Sofres survey also shows that progress still to be made for information...

There is a very general request for simplified, made available before the investment decision and information focused on key to the investor for its decision knowing (nature of the product, guaranteed or not capital invested, duration of placement fees, investor target) recommended, potential yield and risk. Current thinking in Brussels on the UCITS simplified prospectus must be taken into account.

For producers of financial products, a clarity and education effort is necessary, but also the obligation to indicate if a product is only addressed to qualified investors. Publicity material will be submitted by the directive demands enhanced accuracy and sincerity. The consumption Bill that these documents, which are the responsibility of the Distributor, will be subject in principle to the producer, to ensure consistency with the characteristics of the product.