As of 1 January 2020, affiliation to a Commercial Mediation body recognised by the Federal Department of Finance (FDF) is a requirement for companies providing financial services in Switzerland or for clients in Switzerland on a professional basis.
FINSOM is a mediation body recognised under the Financial Services Act (FinSA).
FINSOM administers a system of Mediation for commercial disputes between professional and client or work-related disputes. It acts on a legal mandate granted by the FDF for Commercial Mediation and on a private mandate from affiliated companies for Workplace Mediation.
According to the conditions of recognition under art. 84 FinSA, FINSOM’s main role in relation to mediation is to guarantee the independence and technical competence of the persons mandated to conduct the proceedings, and to ensure compliance with the rules of procedure.
According to its legal mandate, FINSOM also has other activities related to financial market supervision and public information.
Advantages of a leading organisation
- The first tax-exempt ombudsman office in the Swiss financial market, FINSOM is independent and a leading organisation acting in the public interest.
- Independence. FINSOM is legally and administratively independent of private individuals or organisations, supervisory authorities and state bodies.
- FINSOM does not engage in activities that present a risk of conflict of interest with its mediation and other activities.
- FINSOM is specialised in financial services.
- FINSOM’s organisation guarantees the independence and technical skills of its Ombudsman, Mediators and Experts as well as access to a pool of other qualified professionals.
- Headquartered in Valais, FINSOM’s mediation system can handle mediations involving parties throughout Switzerland and abroad in four languages with optimal cost-effectiveness.
- Proximity to the mediation body is not necessary. In most cases the mediation procedure will be conducted online, by phone or written correspondence. However, FINSOM’s network of mediators is present in the three main linguistic regions of Switzerland.
- Commercial Mediation and Workplace Mediation serve to fulfil two legal obligations in Switzerland and are available separately.
- Affiliation conditions allow Swiss and foreign companies to affiliate by obligation or voluntarily.
- Financial contributions are transparent, fair and proportional to risk.
- The affiliation procedure is simple and flexible.