Undue management fees by LCL
In 2019, the French Financial Markets Authority (French AMF) fined Credit Lyonnais LCL for overcharging consumers who invested their money with the bank. Following a fact-finding mission by the French AMF, inspectors found that the bank had overcharged investors to the tune of €247,081 from 2,100 clients from 2015 to 2017.
The customers concerned had entrusted the management of their investment portfolios to LCL, and were told that they would not be required to pay entry fees for their investments. Despite this promise, Credit Lyonnais collected entry fees from investors when making investment decisions for them. The French AMF found that customers were unwittingly charged approximately €120 on average. Credit Lyonnais LCL was required to reimburse affected investors.