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 endorsed by SAIFA, has just published its Annual Public Report. SAIFA congratulates FINSOM on…

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The impersonation of financial service providers authorised in Switzerland or companies registered in the Swiss commercial registry is regularly involved in investment fraud. Once the victims of such frauds realise that the investments or financial services do not exist, they are often contacted by…

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Since the Financial Services Act (FinSA) came into force on 1st January 2020, 8 commercial mediation bodies (or “offices”) for financial services (or “FinSA Ombudsman Offices”) have joined the Swiss Banking Ombudsman (set up in 1993), the Private Insurance and…

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Fraudulent and illegal providers who are intent on making money out of unsuspecting investors are a constant factor on the financial market. The Swiss Financial Market Supervisory Authority (FINMA) provides practical tips on how you can protect yourself from such…

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As an independent supervisory authority, FINMA’s mandate is to protect creditors, investors and insured persons against the consequences of a company becoming insolvent, unfair commercial practices or unequal treatment. At the same time, FINMA is responsible for ensuring that the…

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FINMA's 10 tips on how investors can protect themselves from unscrupulous providers. What they should do if they have fallen victim to illegal or fraudulent activity. What they can do if an authorised provider doesn't meet their expectations. If in…

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FINMA issues warning about the misuse of public register entries of insurance intermediaries. FINSOM reminds that the same can happen with public register entries of client advisers of financial service providers and financial institutions authorised by FINMA. FINMA News November…

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In partnership with Indigita, FINSOM launches the online training course "The FinSA Ombudsman Office and Risk Management" to raise awareness of the development of Alternative Dispute Resolution (ADR) in the Swiss financial sector and the contribution of a specialised mediation body…

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Since 1 January 2023, financial service providers in Switzerland are obliged to affiliate to an ombudsman office recognized by the Federal Department of Finance (FDF). The introduction of eight different ombudsman offices has raised questions among financial service providers.  We…

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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…

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