Société Générale, the group that owns BRD, receives a record fine for failing to comply with information and advisory obligations in the marketing of banking service packages.

The Prudential Control and Resolution Authority (ACPR) in France announced on Monday a record fine of 20 million euros for Société Générale, considered the largest penalty imposed since the establishment of the sanctions committee in 2018.

The penalty was imposed following inspections conducted in 2023 and 2024, which revealed a 'very extensive non-compliance' with legislative and regulatory obligations. The bank was accused of failing to meet pre-contractual information and advisory obligations in the marketing of the 'Sobrio' package, which included banking products and insurance. ACPR emphasized that the banking group acted in its own interest, ignoring the interests of customers.

This is not the first penalty for Société Générale, which has previously been fined for deficiencies in preventing money laundering.

The record for fines, however, remains held by the Postal Bank, which was fined 50 million euros for irregularities in combating the financing of terrorism.