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As of 1st September 2023, identity theft is punishable in Switzerland. Article 179decies of the Swiss Penal Code: Anyone who uses the identity of another person without his or her consent, in order to harm that person or to procure for…
From 1 January 2020, the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) require professionals in the Swiss financial sector to affiliate to a mediation body within six months of its recognition by the Federal Department of Finance.…
The Ombudsman Office FINSOM, recognised by the Federal Department of Finance (FDF) in accordance with the Financial Services Act (FinSA) in force since 1 January 2020 and supported by SAIFA, has just published its first Annual Public Report. Here are…
We are delighted to announce that M. Alessandro Bizzozero, Founding Partner and Chairman of BRP Bizzozero & Partners SA, joined FINSOM's General Assembly on 25 May 2022. Alessandro replaces M. Jean-Daniel Balet, Partner and Director of BCB Asset Management SA. The…
Switzerland recently introduced a new mediation system for financial services disputes as part of its measures to improve investor protection. Under Swiss law, financial services providers are now required, among other things, to affiliate to an Ombudsman Office (or a…
Under what conditions does a complaint clause take effect? In a decision dated 1st December 2020, the Geneva Court of Justice examined this issue in the light of a case in which the client had delayed in contesting transactions allegedly…
How to evaluate the chances of success of an action against a wealth management company? A recent Geneva decision opens the door to a judicial expertise thanks to the future proof procedure. Ruling (French) Article (French)
The Federal Department of Finance (FDF) requests that the Federal Council bring into force as early as 1 February 2021 the limitation on the ombudsman affiliation requirement decided by Parliament within the framework of the DLT Act. On 25 September…
A growing and efficient market in financial services depends, amongst other things, on consumer confidence. Developing consumer confidence requires effective: prudential regulation, to ensure that financial businesses are financially sound and run by fit-and proper people; conduct of business regulation,…
When the client and his asset manager agree on an investment strategy, can the client complain afterwards that his risk profile was wrongly established? In a decision dated October 23, 2020, the Federal Court answers this question in the negative.…
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