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Surge in investor disputes hits French AMF mediator as PEA, SCPI, and crowdfunding claims skyrocket

Executive summary: The mediator of the Autorité des marchés financiers (AMF) reported a record-breaking 37% increase in dispute requests in 2025, specifically targeting PEA, SCPI, and crowdfunding products. The surge threatens the efficiency of the regulatory mediation process and indicates systemic dissatisfaction or liquidity problems within retail investment vehicles.

Who is involved: AMF (French markets regulator), retail savers, financial institutions, and crowdfunding platforms.

Likely next: Increased scrutiny of retail financial products by regulators and potential structural reforms to enhance liquidity in SCPIs or transparency in crowdfunding.

The sharp escalation in dispute referrals to the Autorité des marchés financiers (AMF) mediator signals a deepening crisis of confidence in retail financial vehicles. The 37% surge in claims, concentrated within equity savings plans (PEA), real estate investment trusts (SCPI), and crowdfunding, indicates that systemic frictions are moving from theoretical risks to active litigation. While the PEA remains a cornerstone of French retail savings, looming regulatory discussions regarding fund eligibility and the tax treatment of certain assets are creating a climate of uncertainty. Simultaneously, the volatility in the SCPI market, driven by liquidity constraints and shifting interest rate environments, has left many investors feeling trapped in illiquid positions. For financial institutions, this spike in mediation requests represents more than just administrative overhead; it is a reputational risk that could dampen the long-term adoption of diversified retail products. As the AMF struggles to process this backlog, the delay in resolution may exacerbate investor frustration and fuel calls for tighter oversight. In the near term, market participants should expect heightened scrutiny of product transparency and liquidity disclosures, as regulators attempt to bridge the growing gap between complex financial instruments and retail investor expectations.

What's next — scenarios

Base: Regulatory bottleneck and increased compliance costs (50%)

Financial institutions face higher legal and administrative costs to handle increased dispute volumes.

Upside: Regulatory crackdown on specific products (30%)

Stricter rules for SCPI and crowdfunding liquidity could stabilize investor trust but limit product variety.

Downside: Retail investor exodus from complex products (20%)

Significant capital outflows from SCPIs and crowdfunding platforms toward safer, more liquid assets.

What to watch

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Analysis — what this means

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