RMC has collected new customer testimonials from indexia insurance company, ex-SFAM, FNAC’s second shareholder, and the estate of France’s youngest billionaire. They are suing the company to recover amounts “wrongly deducted” from its bank account and are waiting for a tough response from the French authorities. Belgium has just banned the marketing of these insurances.
Students, pensioners, employees… All of them survived the misfortune. When they make a purchase at FNAC or a mobile phone store, they take out insurance for a few euros a month, unaware that it will cost them much more.
Already a month ago, RMC collected testimonies from customers about writing off several hundred, and sometimes several thousand euros without their knowledge. Testimonies that keep flowing like Diana’s. She was also taken when she worked in the financial sector.
“I realized that I was charged up to 180 euros per month, while my main contract is 16 euros per month. My account was charged for services I never requested and I was unable to get my money back. They need to be banned because this scam exists at every level of the company and in every country.”
“Real earthquakes in the lives of these consumers”
Faced with government inaction, Indexia’s clients decided to band together to attack the company. Lawyer Emma Leoti sued the company this week:
“Customers are being asked to reimburse costs and damages to make up for the hype and interest that has been deducted from their account. There are horror stories about people who make unreasonable deductions that cause real earthquakes in the lives of these consumers. the case of students who can no longer support themselves.”
“Millions of euros” every year
To our knowledge, Indexia boss, France’s youngest billionaire, Sadri Fegayer, has recently come under fire from union questions. He had to answer on a very specific issue: reimbursement and dismissal issues. Indeed, we found the existence of an “internal procedure” proving that some customer requests to terminate the contract simply will not be processed.
But for an entrepreneur, these would be “false problems due to insignificant facts” because “the company reimburses millions of euros annually to customers who request it, in the same way that it terminates the contracts of clients who request it.” Union comments are provided in the meeting report obtained by RMC. When questioned, union representatives declined to speak as the workers “are already under sufficient pressure.”
“An insurance company that reimburses several million euros a month?” asks Maitre Emma Leoti. “If this document is true, then it is more than amazing. When you take out insurance, you pay a fixed price, the insurer has nothing to reimburse you. It would be helpful if the insurance cop, ACPR, looked into this matter. I warned her and I hope she will.”
Prohibition in Belgium, not in France
Because in Belgium, the banking and insurance regulator banned Indexia-owned Switch stores from selling insurance in early March. A strong decision “as a result of checks carried out at various outlets regarding non-compliance with certain statutory or regulatory provisions, in particular with regard to customer information and rules of conduct.” The Belgian decision “is valid until the shortcomings noted have been remedied.
What about in France? If the company, then called SFAM, was fined 10 million euros in 2019, no sanctions since then. By contacting, cracking down on fraud ensures that “investigations are still ongoing.”
In anticipation of a harsh reaction from the authorities, the lawyer secured a hearing in the court of Nanterre on 23 June.