Violations of European rules on financial advice are attributed to the regional establishment of the CIC bank in Ile-de-France.
The Autorité des marchés financiers demanded a fine of 1.1 million euros on Friday against the Ile-de-France regional establishment of CIC bank for breaches of the European MIF 2 regulation regarding financial advice.
During a session of the sanctions commission of the stock market police, it was especially criticized for deficiencies related to the formulation of investment advice, erroneous information on costs, as well as the failure to detect a mismatch between the offers and the financial profile of the clients.
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Source: BFM TV
