FINSOM is a non-profit, public utility and tax-exempt association, governed by Articles 60 et seq. of the Swiss Civil Code and 74 et seq. of the Financial Services Act (FinSA).
The choice of legal form was made in order to avoid expenses with no added value, while at the same time guaranteeing a certain degree of protection for affiliated companies (Art. 69b III. para. 2 and 75 C. IV CC) subject to an obligation to affiliate and finance the mediation body.
FINSOM’s independence is, however, guaranteed by the status of passive members of the affiliated companies.
FINSOM is committed to the public interest to ensure a functional and optimised system that provides added value to companies, their clients and employees, in the common interest of an efficient and sustainable free economy.
It also aims in particular to transform the costs of compliance into opportunities that contribute to a continuous improvement in the performance of companies, supervision, psychosocial health protection and the judicial system, and thus of the Swiss economy.
FINSOM also aims to contribute to the image and the reputation of the Swiss financial sector.
FINSOM is a legally and administratively independent entity.
Affiliated companies do not have voting rights but are represented at the General Assembly. FINSOM is also independent of any industry organisation or group of companies.
The General Assembly consists of a committee that guarantees the administrative independence of the mediation body and appoints the Director under the supervision of the Federal Department of Finance (FDF). The General Assembly and the Director are independent of each other.
FINSOM is fully financed by the affiliated companies in accordance with the applicable legal provisions.
FINSOM is comprised of professionals with expertise in investor protection and financial services, business administration and development, governance, risk management and internal control, law, financial market regulation and mediation.
These professionals bring together the necessary skills and practical experience to ensure the technical competence of the mediation body in both administrative matters and mediation.
FINSOM will progressively develop its organisation and staff, according to its needs, through a diligent recruitment process.
As a tax-exempt organisation, the tax authority of the Canton of Valais supervises FINSOM to ensure that the Association acts in the public interest and controls in particular the remuneration.
As an organisation recognised by the FDF, activities related to Commercial Mediation are supervised by the FDF.
Activities related to Workplace Mediation fall under the supervision of the Labour Inspectorate.