Recognised by the Federal Department of Finance (FDF) under the Financial Services Act (FinSA) in effect since 1st January 2020, FINSOM is also a member of INFO-Network and an affiliate member of FIN-NET. Tax-exempt since 2018, FINSOM is the first public service mediation body in the Swiss financial sector. Its governance assures its independence from individuals, private interest groups and the public administration.

Since 2020, persons who provide financial services to retail clients on a commercial basis in Switzerland or for retail clients in Switzerland must affiliate to an ombudsman office at the latest on commencing their activity. The ombudsman office must be recognised by the FDF. The term “retail clients” includes high net worth retail clients that have chosen to be considered as professional investors. Providers whose activity is subject to a type of FINMA authorisation or registration with a FinSA Register but who are not obligated to affiliate to a mediation body may voluntarily affiliate to FINSOM.

Over 1000 Swiss and foreign companies operating in the Swiss financial sector have already chosen to affiliate to FINSOM. They offer their clients and their employees access to a specialised and impartial hotline and mediation team that are available in French, English, German and Italian in the event of conflicts or disputes.