French Finance Minister Christine Lagarde has announced that the new supervisory authority, ACP (Autorité de contrôle prudentiel), has now been set up, and will act as a “super authority” to strengthen regulation of the country's banks and insurance companies.
The new ACP will be responsible for regulating the solidity of banks and insurance companies in France, thus benefiting consumers (depositors, investors, and policy holders). The authority also has the role of regulating financial and economic stability.
Lagarde has also charged the new authority with the task of protecting clients by regulating – or policing – marketing practices used for financial products (notably credit and insurance).
According to the French Finance Minister, all major countries have initiated discussions designed to draw lessons from the economic crisis and to strengthen regulation of the financial sector. France is the first country to implement such an ambitious reform, she added.
.Tags: banking | financial services | insurance | France | services
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