An Ombudsman Office for Whom

Obligation of Affiliation

According to art. 77 of the Financial Services Act (FinSA), once the law enters into force, financial service providers will need to be affiliated to an Ombudsman Office by the time they initiate their activities, at the latest. 

A financial service provider is defined as persons who provide financial services in Switzerland or to customers in Switzerland on a professional basis; any independent economic activity exercised in order to obtain a regular income is considered to be exercised on a professional basis.

Financial services are defined as the following activities provided to a client

  • Buying or selling securities

  • Order Execution

  • Wealth/Asset Management 

  • Investment Advice

  • Granting loans to execute transactions on financial instruments

Clients can fall in one of the following 3 segments:

  • Private clients

  • Professional clients

  • Institutional clients

Existing professionals subject to this new requirement have until 30 June 2020 to fulfil their obligation of affiliation. 

Who can be affiliated with FINSOM?

The insurance companies are not subject to the obligation of affiliation.

Banks carrying out activities subject to FinSA will be affiliated with the Bank Ombudsman who will become the Mediation Body for this sector. According to the 2017 statistics of the Banking Ombudsman, about 10% of claims processed fall under the scope of the FinSA.

The FINSOM project is mainly dedicated to the para-banking sector.

 

Any financial services provider who is not or cannot be affiliated to another Ombudsman Office will be welcome at FINSOM.  This namely includes but not limited to professionals of the following branches, who do not have a banking or insurance licence: 

  • Independent Wealth Managers and Trustees (art. 16 Financial Institutions Act - FinIA)

  • Collective Asset Managers (Art 20 FinIA)

  • Fund Managers (Art. 28 FinIA)

  • Securities Dealers (Art. 41 FinIA)

  • Precious Metals Essayers (art. 42bis Precious Metals Control Act - PMCA)

  • Client Advisors (Art. 28 FinSA)​

Affiliation at FINSOM will be possible on an individual basis either directly at FINSOM or through an organisation designated by FINSOM.

©2019 by FINSOM

Since the provisions for implementation of these new laws are still being defined, the information on this website will be regularly updated and completed.