FINSOM Affiliation
FINSOM
The mediation body for financial services providers that put clients and enterprise risk management at the heart of their concerns:
- Ombudsman Office recognised by the Federal Department of Finance (FDF).
- Member of the International Network of Financial Services Ombudsman Schemes: INFO-Network.
- Affiliate of the Financial Dispute Resolution Network: FIN-NET.
- First public interest (tax exempt) Ombudsman Office of the Swiss financial sector.
- Independent of individuals, private interest groups and the public administration.
- Mediation available in 4 languages (EN, FR, DE, IT).
- Mediation team with proven experience in the financial sector.
- E-learning “The FinSA Ombudsman Office and Risk Management”.
- In addition to Commercial Mediation/FinSA, it is possible to affiliate to Workplace Mediation/EmpA.
Over 1000 Swiss and foreign providers operating in the Swiss financial sector have already chosen to affiliate to FINSOM.
General Conditions
Financial Services providers whose activity is subject to FINMA authorisation or registration with a FinSA-registration body can affiliate to FINSOM.
The company can be a sole proprietorship or in the process of incorporation and in the process of subjection at the time of affiliation. The company may be domiciled in Switzerland or abroad.
Affiliation can be by legal obligation or by self-regulation (voluntary). See art. 77 FinSA concerning the timing of the obligation to affiliate and the definition of professional client within the meaning of this article.
If the provider has already started its activities in Switzerland and does not have an Ombudsman Office, it can affiliate as of the current year (immediate affiliation). If the provider has not initiated its activities in Switzerland yet or if it is changing Ombudsman Offices, it can affiliate with an activation the following year (anticipated affiliation).
The affiliation is for an indefinite period. It can be resigned each year until December 31st (resignation deadline).
Affiliate providers must comply with FINSOM regulations.
Fees
Each affiliated company pays an annual contribution of CHF 250 for Commercial Mediation/FinSA.
Workplace Mediation/EmpA can be added for an additional fee of CHF 50.
If a request for mediation is admitted following the preliminary review, the case fee is CHF 550. If mediation continues after an initial exchange with each party, the hourly rate is CHF 200.
The procedural costs are borne by the affiliated company, provided that no conciliation authority, court, court of arbitration or administrative authority is or has been seized of the case, and that mediation hasn’t already been attempted in the case. Otherwise, the costs are shared between the parties.