Ombudsman for financial service providers

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The Association of Ombudsman for Financial Services (OFD) was founded in October 2018 by the FinanzPlaner Verband Schweiz , Validitas - Professional Association of Swiss Financial Service Providers , and the Swiss Financial Advisor Association SFBV . The aim was to create a cost-effective, neutral and competent ombudsman , which was enshrined in law in connection with the Financial Services Act (FIDLEG) that came into force on January 1, 2020. The Association of Ombudsman for Financial Services (OFD) asked the Federal Department of Finance (FDF) for a permit.

Legal basis

Art. 74 et seq. FinSA provide for a mediation process before an ombudsman to resolve legal disputes between customers and financial service providers . For this purpose, the financial service providers must join an ombudsman (Art. 77 FinSA). The ombudsman must be recognized by the Federal Department of Finance FDF (Art. 84 Para. 1 FinSA).

After the Financial Services Act (FinSA) came into force on January 1, 2020, financial service providers from Switzerland and abroad are obliged to join an ombudsman if they are active in the Swiss financial sector.

Geographical scope for financial services

(Art. 3 let. C and d FinSA)

  1. This ordinance applies to financial services that are provided commercially in Switzerland or for customers in Switzerland.
  2. The following are deemed not to have been performed in Switzerland:
a. Financial services from foreign financial service providers as part of a customer relationship that has been entered into on the express initiative of a customer;
b. individual financial services that were requested by customers at their express initiative from a foreign financial service provider.

Duties of the ombudsman

The ombudsman is supposed to settle disputes between customers and financial service providers as part of an arbitration procedure. The task of the Association of Ombudsman for Financial Service Providers (OFD) is to carry out cost-effective arbitration procedures between customers and financial service providers as a neutral intermediary. The ombudsman endeavors to work out amicable solutions for the conflicting parties and thereby avoid time-consuming and costly legal disputes. He has no decision-making authority, but the conflict parties themselves decide on the possibilities and results. However, it ensures that the mediation process is fair, transparent and efficient. The Association of Ombudsman for Financial Services (OFD) publishes an annual activity report.

Individual evidence

  1. ↑ Federal Council puts FinSA and FinIA into force. Accessed January 2, 2020 .
  2. ↑ Federal Department of Finance FDF: Ombudsman according to FinSA. Accessed January 2, 2020 .