PARIS: France’s fraud watchdog said Monday that it had fined banking giant Societe Generale €4.5 million (US$4.9 million) for “deceptive marketing practices” that saw clients charged “unjustified fees”.
The DGCCRF agency said the fine was “proportional to the seriousness of the acts” that were discovered in an investigation from April 2019 to January 2021, though it did not provide details of the fees nor say how many clients were impacted.
In a statement, the bank confirmed the fine and said the fees were the result of “an IT error”, adding that all clients had been “fully reimbursed”.