The AMF Ombudsman in France reported a record 37% increase in complaints during 2025, with 3,010 cases received compared to 2,204 the previous year, according to the regulator’s annual report presented by Ombudsman Rémi Bouchez. The surge continued into the first half of 2026, with 1,865 cases registered, a 31% increase over the same period in 2025. The Autorité des Marchés Financiers said the uptick reflects growing complexity in retail investment products and ongoing market transitions.
- Cases processed and closed in 2025: 2,772 (up 41% year-over-year)
- Proposed solutions issued in 2025: 888, with a 92% acceptance rate from both parties
- PEA disputes in 2025: 462 cases (up 150% from 185 in 2024)
- SCPI disputes in 2025: 199 cases (up 41% from 141 in 2024)
- Crowdfunding disputes in 2025: 93 cases (up from 8 in 2024)
Equity Savings Plans (PEAs) remained the leading source of complaints for the second consecutive year, accounting for nearly three-quarters of disputes involving transfer difficulties. The influx of new market participants entering the PEA ecosystem has intensified demand for account transfers between French institutions and European financial intermediaries operating under freedom-to-provide-services rules. Employee savings schemes ranked second, with 252 cases processed in 2025, a 46% increase, primarily driven by requests for early fund releases.
Real estate and alternative investment products saw notable complaint growth amid broader market shifts. Disputes related to Sociétés Civiles de Placement Immobilier (SCPIs) climbed 41% to 199 cases, with investors citing delays in processing withdrawal requests and concerns over investment advice quality. Crowdfunding emerged as the fastest-growing complaint category, surging from 8 cases in 2024 to 93 in 2025, largely reflecting the resolution of extended negotiations with crowdfunding platforms initiated the prior year.
Crypto-asset disputes increased 38% year-over-year, though only approximately 30% fell within the ombudsman’s jurisdiction. The majority of inadmissible cases involved suspected fraud (54%) or matters falling under other regulatory authorities’ remit. The AMF is an independent public authority responsible for protecting savings in financial products, ensuring investor access to reliable information, and maintaining orderly French financial markets.
