Structured Products: A Booming Sector Regulated by the AMF and the ACPR

The French market for structured products is experiencing significant growth, particularly among retail investors. A recent analysis by the Joint Insurance, Banking, and Savings Division—comprising the French Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR)—reveals key data and important trends regarding these complex financial products.
 

Strong Enthusiasm Among Retail Investors
Between 2021 and 2023, annual inflows into structured products for retail investors nearly doubled, rising from 23 billion euros in 2021 to nearly 42 billion in 2023. Life insurance remains by far the dominant segment, accounting for 80% of inflows, while securities accounts account for only 20%. However, nearly half of the structured products on the market are reserved exclusively for sophisticated investors.
 

Overall Positive Performance, but Caution Is Advised
The majority of structured products have posted favorable returns in a bull market environment. As a result, less than 1% of the products redeemed between 2021 and 2023 resulted in capital losses. The median annual return ranges from 6% to 7% gross, excluding fees and taxes. However, past performance is no guarantee of future results. The AMF and the ACPR remind investors that the risk of loss could increase in the event of a market downturn.
 

A Trend Toward Greater Security, but Risk Remains
The share of structured products offering full capital protection at maturity has been steadily increasing since 2021. Despite this, two-thirds of the products on the market still carry a risk of capital loss in the event of adverse market conditions.
 

Structured products that comply with regulations but remain complex
According to the authorities, the structured products currently available comply with the national guidelines on complex products established in 2010. The majority are considered to be of low to moderate complexity, although they may still be difficult for the general public to understand.
These products are primarily based on traditional equity indices or specific stocks, without relying on riskier underlying assets such as commodities or crypto-assets. However, there has been a notable decline in the inclusion of environmental, social, and governance (ESG) criteria in their composition since 2021.
 

Close Oversight to Protect Investors
The AMF and the ACPR will continue to closely monitor the structured products market to ensure the protection of investors. They reiterate their commitment to adapting their oversight policies in line with market developments, so that investment solutions remain appropriate for investors’ needs.
 

Sources: [1] Report by the ACPR-AMF Joint Task Force, April 2025
[2] National Guidelines on Complex Products, AMF, 2010