The year 2010 has been active for the Advisory Committee on the financial sector (CfSC) and 2011 be also. The Committee to study issues related to relations between financial institutions and their clients and which yesterday gave its annual report, will thus be advanced on several hot folders, which one will be to publish the first monitoring report on bank charges.
Monitoring of bank charges
The banking and financial regulation law, passed this fall, loads the CfSC to follow the evolution of the pricing practices of the banks to individuals. Emmanuel Constans, the President of the CfSC, announced the establishment of a new structure consisting of six people for permanent monitoring of banking tariffs in France, including overseas. It thus follows the recommendations of the report on banking fees that he has himself written with Georges Pauget, former CEO of Credit Agricole SA and presented at Bercy in July. Shortly after, the French banks, in the breast of the CfSC, had taken 22 commitments. "It will be practical work on the evolution of practices in this area, prevents Emmanuel Constans.". This is not to make a comparison. "This structure will issue its first report mid-September 2011 and should provide annual follow-up. "It will be seen if is done by customer class or category of services", he added. CfSC will have also the possibility to ask PCA (supervisory authority) if the commitments made by banks have been followed. "Otherwise, financial sanctions could be implemented", assured Emmanuel Constans.
Use of cheques
In the report Pauget Constans, advocating the disappearance of the cheque as a means of payment and its gradual replacement by the interbank payment title (TIP) and the transfer of proximity, Christine Lagarde, Minister of economy and finance, entrusted to the CfSC a comprehensive assessment on the use of the cheque in France. Even if it is less and less used (3.3 billion of transactions in 2009 compared to 3.8 billion in 2006), its use remains the highest in Europe in the matter. The Committee therefore contracted a consulting firm, in association with an Institute of survey, a quantitative study with specific 1,000 and 500 companies. A qualitative study based on interviews with representatives of related sectors (Bank, distribution, public administrations, etc.) is also underway. The balance will be released late February and a working group will be established later to develop its first recommendations. "The cheque has many disadvantages, particularly for vulnerable populations, which are the subject of payment incidents when the cheques in wood." But it also presents many advantages for the consumer, because it is free and the hand of the user from the collection entirely. "It must therefore create an also practical tool", advocates Emmanuel Constans.
Marketing of financial products
The Government commissioned last week the CfSC to develop a record on the marketing of financial products such as resulting from the European directives MIF and intermediation. The report is expected in the third quarter of 2011.
Application of the law Chatel and insurance-borrower
The CFSC will be here in late February an assessment of the implementation of the Chatel Act, which allows the insured to be notified two months before the date of expiry of their contract of insurance, to facilitate mobility. Moreover, in its work in 2010 with Bercy on the reform of the consumer credit should floor on the borrower insurance, in order to avoid systematic tying the institution offering the credit.
After a first report on 9 December which had a margin of possible progress, the Committee will renew the exercise in 2011 to assess the progress made in the matter.