Protecting Savers, Modernising Financial Fairness
A national discussion on savings fairness, led by independent practitioners, supported by international best practice.
No saver should be held captive in a financial product.
This initiative, led by MiraClair Wealth, calls for a long-overdue modernisation of Assurance Vie, to restore fairness, transparency, and freedom of choice for French residents, British expatriates, and international families.
The Issue: When “Tax Efficiency” Becomes a Trap
Assurance Vie was created decades ago, under rules written before MiFID, before online platforms, and before modern consumer protection standards.
Today, millions of savers, especially retirees and expats, discover that they cannot move away from outdated, high-fee contracts without losing the fiscal advantages they have spent years building.
In practice, savers face a false choice:
Protect your family’s inheritance advantage or
Escape high, layered fees that quietly erode long-term wealth
This is not true choice.
It is a structural captivity that harms consumers, discourages healthy competition and benefits legacy providers at the expense of families.
Who is affected?
Anyone who feels “stuck” in an Assurance Vie they would not choose today.
Retirees with contracts older than 8 years
British and international expats in France
Savers who were never shown full, transparent fee information
Families planning intergenerational wealth
According to an article in Le monde in November 2024, more than 50 million Assurance Vie contracts exist, yet only about 300,000 were transferred last year*. That’s less than 1% mobility. Many remain in unsuitable contracts not by preference but by fear of losing tax advantages for their loved ones.
Real Example: Legacy Versus Captivity
Profile: a 74-year-old British resident in France.
Objective: protect children and maintain long-term stability.
Over the last 5 years, an independent review found (approx figures):
Total portfolio growth: 2%
Inflation : 12%
Ongoing fees: 3% per year
Large Allocation to Euro funds earning 1.75%
An “ethical” portfolio chosen without his knowledge
In real terms, he has lost purchasing power. Yet he feels unable to move. The tax advantage for his children is too important to sacrifice.
This is not an isolated story. It is a structural problem affecting thousands of households.
“Per OECD figures, a 1% reduction in fees increases long-term capital by almost 20%. For a family saving over decades, that is life-changing.”
Our Proposal: A Fair Right to Portability
DTAV — Droit au Transfer d’Assurance Vie
Savers should be able to transfer their Assurance Vie to another approved provider without losing their accrued tax advantages and without punitive penalties.
This already exists in:
PER (Retirement Savings)
PEA (Investment accounts)
UK pension systems
Technically, the solution is fully feasible. What is missing is the legal right.
Why now?
The Conseil d’Orientation des Retraites warns that future pensions will be lower. That makes efficient private savings, and the ability to move, essential.
OECD projections show France’s replacement rate falling. At the same time, over €1.9 trillion in long-term savings remains trapped in legacy structures.
Pension ages are rising; replacement rates are falling
Fees in legacy products remain among the highest in Europe
The Senate already passed a portability measure in 2023
A generation of retirees is entering decumulation with contracts written in the 1990s
Trust in financial institutions depends on fair, modern rules
Why this matters
Benefits for Savers
Fair fees
Real freedom of choice
Better long-term capital protection
Less emotional pressure to “stay for the children”
Benefits for the Market
Healthy competition based on value and service
Innovation
A modernised financial ecosystem
More trust in the long-term savings sector
Benefits for the State
Higher long-term capital > higher taxable gains
Stronger consumer protection
A more resilient savings system
Support the initiative
Every voice, whether journalist, policymaker, adviser, or saver, makes this conversation harder to ignore.
In 2023, the French Senate already voted in favour of allowing Assurance Vie contracts to be transferred without losing tax benefits. The idea was clear and simple: savers should not be trapped in expensive or outdated contracts. But when the text moved to the Assemblée Nationale, it lost momentum.
Why? Because insurers pushed back, and ordinary savers didn’t have a way to make their voices heard.
That’s why this petition matters.
This reform wasn’t rejected, it was just never pushed over the finish line. With enough public support, we can show that real people want the freedom to move to a better contract without being penalised.
No saver should feel stuck. Your voice helps reopen a reform that was already on its way.
If you believe savers should have the right to move their contract without financial penalty:
Share this page
Sign the public petition here
Discuss the issue with local associations, community, or professional groups
Speak to your financial advisor
Fairness should not be optional. Freedom should not be a privilege.
Contact
For media, policymakers, professional partners or associations wishing to discuss this further, please contact the team at advocacy@miraclairwealth.com.
Joanne Leach - Managing Partner, MiraClair Wealth
Leana Kasapis - Senior Investment Analyst, MiraClair Wealth
Matt Leach - Chief Communications Officer