Updated: July 21, 2010 (Initial publication: May 7, 2010)
Bibliographic Reports : Symposiums
III-3.4: Speech given by Jean-Pierre Jouyet, President of the ‘Autorité des marchés financiers – AMF’ (French Financial Markets Authority), on April 30, 2010, on the occasion of the signature of an agreement between the ‘Autorité des Marchés Financiers’ (French Financial Markets Authority) and the ‘Autorité de Contrôle prudentiel’ to create a joint consumer information service
The implementation of a joint service on Insurance, Banking, and Insurance within the ‘Autorité de Contrôle prudential – ACP’ (French Prudential Control Authority), raises questions as to the way in which the service will be coordinated with the ‘Autorité des marchés financiers – AMF’ (French financial markets authority’s) other activities. The signature of the agreement creating the new joint service was the occasion for Jean-Pierre Jouyet, President of the AMF, to clarify that this joint service’s principal goal is consumer protection. The coordination between the AMF and the ACP is intended to improve efficiency and credibility to further this goal.
http://www.amf-france.org/documents/general/9381_1.pdf
The speech given by Jean-Pierre Jouyet, President of the Autorité des Marchés Financiers – AMF (the French Financial Markets Authority) on the occasion of the signature of an agreement between the AMF and the Autorité de Contrôle Prudentiel – ACP (French Prudential Control Authority) on April 30 2010—which implements a common consumer information service between the AMF and the ACP—explains and introduces the reasons behind the creation of this joint service. This joint service is in charge of supervising the implementation of coordinated policies, and was introduced in this speech as a tool to promote consumer protection.
Moreover, the implementation of the joint service is being carried out according to the policies of ‘do not make promises that cannot be kept; do not have unrealistic ambitions’, and of coordination. Jean-Pierre Jouyet reminds us of the importance of promoting cooperation in order to better protect financial product consumers, in order to improve the efficiency and credibility of the AMF and the ACP’s actions.
This concern for credibility was decisive factor in the approach taken for the joint service, and therefore, this agreement is not simply a bilateral undertaking, but is also a promise, a ‘contract’ with consumers and professionals. Beyond the simple terms of the agreement, the true reason for the common service is the concern for the general interest.
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