Retail chain FNAC settles for 100,000 euros because staff had insufficient knowledge of insurance

FNAC Belgium was registered with the FSMA (Financial Services and Markets Authority) as a Belgian ancillary insurance intermediary from July 27, 2021 to August 1, 2023. But employees of such an intermediary who are in contact with the public and advise or sell insurance contracts must have a certain theoretical knowledge. They have one year to prove that knowledge by passing one or more exams.

However, the FSMA found that the employees continued to advise or sell insurance contracts even after that one-year period, without having proven that they had the necessary knowledge.

“The FSMA identified this shortcoming in a total of approximately 20 percent of FNAC employees who advised or sold insurance contracts. The average duration of the shortcoming per employee involved was approximately eight months,” the financial authority said in a press release.