Ombudsman for financial service providers

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The Swiss Ombudsman for Financial Services is the point of contact for disputes in connection with the Swiss Financial Services Act.

Scope of the Swiss Financial Services Act

The Swiss Financial Services Act (FidleG) is expected to come into force on January 1, 2020. The FidleG regulates the provision of financial services in Switzerland and the creation of financial instruments for the Swiss market. Its obligations apply to both Swiss financial service providers and non-Swiss financial service providers who provide cross-border financial services in Switzerland. Financial services within the meaning of the FinSA are the acquisition and sale of financial instruments, the acceptance and transmission of orders relating to financial instruments, the management of financial instruments (asset management), the making of personal recommendations relating to transactions in financial instruments (investment advice ) and the granting of credits for the conduct of transactions in financial instruments. Financial instruments are equity securities, debt securities, funds, structured products, derivatives, structured deposits and bonds. Financial service providers who are affected by the scope of the FinSA have to fulfill various obligations. These include rules of conduct, information requirements ,, adequacy and suitability obligations, documentation and accountability requirements, obligations to adequately Organization ,, obligations regarding conflicts of interest and the duty to register the customer service representative in a consultant register .

Connection obligation

Another new obligation to which foreign financial service providers are also subject, provided they provide financial services in Switzerland, is the obligation to connect to an ombudsman. Several candidates are expected to apply to the Swiss Federal Department of Finance as Swiss ombudsman for financial service providers.

Organization, function and processes of the ombudsman

Sanctioning of a missing connection

By law, the ombudsman must inform the Swiss Financial Market Supervisory Authority (FINMA) and the registration office about the financial service providers affiliated, excluded or denied. The FidleG expressly provides for penal provisions that can be canceled if the FidleG is violated. In addition to these special legal sanction provisions, the general sanctions according to FINMAG can also apply. In particular, there may be a preliminary clarification if the enforcement department of FINMA gives indications of possible regulatory-relevant irregularities or legal violations.

Web links

FinSA: Fundamental changes for the cross-border provision of financial services

Individual evidence

↑ https://www.admin.ch/opc/de/federal-gazette/2018/3615.pdf
↑ Art. 1 FinSA
↑ Art. 3 para. 1 lit. c FinSA
↑ Art. 3 para. 1 lit. a FidleG
↑ https://www.swissbanking.org/de/services/insight/insight-3.15/was-haben-uns-fidleg-und-finig
↑ Art. 7 f. FidleG
↑ Art. 8 f. FidleG
↑ Art. 10 ff. FinLG
↑ Art. 15 f. FidleG
↑ Art. 21 ff. FinLG
↑ Art. 25 ff. FinSA
↑ Art. 28 ff. FinSA
↑ Art. 84 ff. FinLG
↑ Art. 83 FinSA
↑ Urs Zulauf / David Wyss / Daniel Roth, Finanzmarktenforcement, Bern 2014, p. 85 ff.

[1] ttps://www.admin.ch/opc/de/federal-gazette/2018/3615.pdf

[2] Art. 1 FinSA

[3] Art. 3 para. 1 lit. c FinSA

[4] Art. 3 para. 1 lit. a FidleG

[5] ttps://www.swissbanking.org/de/services/insight/insight-3.15/was-haben-uns-fidleg-und-finig

[6] Art. 7 f. FidleG

[7] Art. 8 f. FidleG

[8] Art. 10 ff. FinLG

[9] Art. 15 f. FidleG

[10] Art. 21 ff. FinLG

[11] Art. 25 ff. FinSA

[12] Art. 28 ff. FinSA

[13] Art. 84 ff. FinLG

[14] Art. 83 FinSA

[15] Urs Zulauf / David Wyss / Daniel Roth, Finanzmarktenforcement, Bern 2014, p. 85 ff.