French financial regulator ACPR imposed a 20 million euro ($23.31 million) fine on Societe Generale on Monday for failing to disclose information to retail customers.
The regulator found the bank did not inform customers in 2018 that it was automatically bundling an insurance contract with the opening of a bank account called Sobrio.
ACPR stated that the bank failed to respect the obligation to disclose pre-contract information and its duty to act in the best interest of its clients as an insurance broker.
