FINSOM Affiliation
FINSOM is the mediation body for providers that put clients and enterprise risk management at the heart of their concerns. Over 1000 Swiss and foreign companies operating in the Swiss financial sector have already chosen to affiliate to FINSOM.
Providers whose activities are subject to some type of supervision in the financial sector and providers that are members of the same financial group as the former, that are domiciled in Switzerland or that serve clients in Switzerland, may affiliate to FINSOM.
Types of prudential supervision:
- A type of FINMA authorisation
- FinSA-registration body (or “FinSA Register”)
- Self-regulatory organisation (SRO)
- Equivalent foreign supervision
Affiliation can be:
- By legal obligation or by self-regulation (voluntary).
- For all commercial activities (full) or only those subject to the FinSA (partial). The fee remains the same.
- Activated the current civil year (immediate) or the following civil year (anticipated).
- Resigned each year until December 31st (resignation deadline).
Note: the legal obligation also applies when the company serves private clients that “opt-out”.
The affiliation includes:
- The hotline and preliminary review of requests for mediation.
- Mediation available in up to 4 languages (EN, FR, DE, IT).
- Access to the E-learning “The FinSA Ombudsman Office and Risk Management”.
- Annual reminder of the resignation deadline.
Affiliate providers must comply with FINSOM regulations.