Almost three years after the Markets in Financial Instruments Directive (MiFID) came into force, the Autorité des marchés financiers asked André de Palma, of the Ecole Normale Supérieure de Cachan and the Ecole Polytechnique, and Nathalie Picard, of Cergy Pontoise University, to conduct a study into the pertinence of the questionnaires introduced by financial institutions for their retail customers.
The study was conducted using 14 questionnaires supplied on a voluntary basis by 10 financial intermediaries reflecting the variety of players on the market:
· 3 banking groups which conduct both retail and private banking activities;
· 3 mutual banks, two of which also supplied a private banking questionnaire;
· 2 banks specialising in private management;
· 1 online bank;
· 1 financial investment consultant trade association.
These questionnaires were then tested by 1,544 retail investors taken mainly from a TNS Sofres panel.
The conclusions will all contribute to the reflection undertaken by the AMF on the subject of investor protection, through fruitful dialogue between professionals, the academic world and the regulator. Outside the strictly national framework, they will feature in the AMF’s contribution to the revision of the MiFID.
© AMF - Autorité des Marchés Financiers
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