Structured funds: a “forbidding” presentation according to an AMF study
In its Letter from the Observatoire de l’épargne, the AMF publishes a study on investors’ (mis) understanding of information documents on formula investments. They are considered “forbidding”.
After mystery shopping, the Autorité des marchés financiers (AMF) embarked on the exercise of the consumer panel. The regulator had the (good) idea to ask investors to read commercial and regulatory brochures of “formula investments” also called “structured funds”. She published the outline in her Letter from the Observatory of Savings published October 26, 2010.
Documents deemed “forbidding” comment défiscaliser en immobilier
The result is quite categorical, but not surprising: can do better in terms of readability! “If the objective of accurate and non-misleading information is achieved, this is not the case with the objective of clarity,” writes the AMF, adding: “Investors have rejected the form of the documents, considered boring , whose presentation does not facilitate ownership. investissement défiscalisant
Asked about the understanding of two commercial brochures and three key information documents (DICs), these 16 consumer savers possessing at least € 15,000 in financial savings (half are holders of formula investments and the other half are not holders) “stressed the high density of information, often too technical and the lack of emphasis on important messages”. While the formula for calculating these products is sometimes complex, they represent a growing share of the units of account sold in life insurance contracts.
Even if these documents are standardized at European level, according to the AMF, their legibility can be improved by applying simple principles such as an attractive model, short sentences, highlighting important information, etc.
Finally, the AMF recalls that “the regulation provides that the information must be accurate, not misleading and understandable for an average saver”.