Regulatory Alerts2024-11-21
Recommendation 2024-R-03 of 21 November 2024 on the collection of client information for the exercise of the duty of advice and the provision of personalized recommendation services in insurance
The French Insurance Control Authority (ACPR) issued Recommendation 2024-R-03 on November 21, 2024, to establish guidelines for collecting client information necessary for fulfilling the duty of advice and providing personalized recommendation services in the insurance sector. The document mandates that insurance intermediaries and distributors systematically gather and document specific client data to ensure recommendations are suitable and aligned with the client's profile and needs. This regulatory framework aims to enhance consumer protection by standardizing the information collection process and ensuring transparency in the advisory relationship.
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