France’s AMF ombudsman gets authorized as public consumer affairs ombudsman

France’s AMF ombudsman gets authorized as public consumer affairs ombudsman

- in All News, Regulation
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France’s financial regulatory body, the Autorite des Marches Financiers (AMF), said on Tuesday its ombudsman Marielle Cohen-Branche has been authorized as a public consumer affairs ombudsman by the National Commission on the Assessment and Supervision of Consumer Mediation (CECMC).

The move is part of the adoption of an EU directive on alternative dispute resolution for consumer disputes. The directive was transposed into the French laws as of 1 January, 2016.

AMF ombudsmanCohen-Branche is among the first CECMC-authorized public ombudsmen. As an ombudsman, she will take over AMF’s role as a mediator in desputes between consumers and financial service providers, including licensed forex brokers, which fall under the AMF jurisdiction. In this regard, Cohen-Branche was reappointed in November 2015 for three years by the Chairman of the AMF, acting on the opinion of the AMF Board.

The mediation procedure will be free and will aim to help consumers and financial companies resolve their disputes without going to court.

The alternative dispute resolution directive was adopted by the European legislator in 2013. The legislation under the directive will apply for financial products and services regardless whether they were purchased online or offline and whether the entity is established in the consumer’s Member State or in another member state. All EU countries have to transpose the directive into their national laws.

The AMF, an independent public authority, is in charge of the supervision of the financial markets in France. It licenses financial service providers, sets industry rules, and monitors whether entities comply with them. The regulator makes sure French citizens receive adequate information and safeguards their investments in financial products.

Source: AMF

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