the stock savings plan does not offer the same guarantees as life insurance in euros and does not benefit from advantageous taxation like the Livret A. Nevertheless, this product remains one of the most popular investments in France, due to its flexibility . The financial policeman intends to perpetuate this success.
Like the Livret A and the LDD, the action savings plan is a regulated savings product. Subscription to this investment complies with clear rules concerning:
- The investor’s eligibility;
- Securities eligible for tax exemption;
- The periodicity of payments;
- The conditions for withdrawing profits and capital.
As its name suggests, this product primarily allows you to invest in a portfolio of European companies. Despite the volatility of the financial markets in recent months, this investment medium has not lost its luster. However, this attractiveness does not hide its shortcomings. The financial policeman wants to repair these defects.
Long and penalizing transfer times
the AEP does not yet compete with life insurance in terms of capitalization and total outstandings. This product continues to attract savers, despite numerous malfunctions that have been reported to the AMF Mediator. Last year, the policeman of the financial markets notably received more than 200 complaints relating to transfer processing times stock savings plan. More than two-thirds of complaints against this device relate to this specific problem.
This figure is insignificant compared to the number of stock savings plans opened in France.
ImportantHowever, the AMF considers that this statistic only shows the tip of the iceberg.
Some complainants report wait times of six to twelve months. During this period, no arbitration can be carried out on the account. This forced immobilization penalizes savers, especially when buying or selling opportunities arise.
In order to identify the causes of these malfunctions, the AMF has set up a working group which brings together:
- Custodians of securities;
- AMF representatives;
This committee will address all issues related to the equity savings plan, including excessively long transfer times, the issue of unlisted shares and the complications caused by securities becoming eligible after Brexit. This working group will formulate its first conclusions towards the end of the first quarter of 2023.
An intact charm despite the imperfections
The intervention of the AMF comes at the right time. The financial market volatility, against the background of the energy crisis and the war in Ukraine, offers more opportunities for arbitration and investment for savers. The financial policeman wants to maintain this enthusiasm, hence his desire to put an end to the dysfunctions observed on the stock savings plans. These problems have clearly increased over the past year, according to the number of complaints received by the ombudsman. The claims went from 154 to 329 in one year .
The supervisor nevertheless stresses that these complications have little effect on the intrinsic quality of this product. The number of accounts opened in France continued to increase last year. According to the Banque de France count, there are 6.6 million equity savings plans at the end of 2021 including 5.1 million opened in French banks.