“The ombudsman should be (and also be seen to be) as independent and impartial as a judge – as well as having the necessary legal and technical expertise to resolve financial disputes authoritatively. This needs to be reflected in the appointment and governance arrangements” – World Bank, 2012
FINSOM is an Association with a General Assembly of 5 to 7 members that is governed by Articles 60ss of the Swiss Civil Code (CC) and Article 74ss of the Financial Services Act (FinSA). Affiliated companies have a passive membership status but are represented at the General Assembly. The Association is financed by affiliated financial service providers in accordance with articles 75 and 80 FinSA.
FINSOM is the first and only Ombudsman Office in the Swiss financial sector that acts in the public interest while being independent from government as well as sector or branch organisations, chambers of commerce, financial service providers and mediator, consumer and employee associations or organisations. In addition, FINSOM :
- Does not engage in activities that pose a risk of conflict of interests to mediation.
- Does not use an existing infrastructure that poses a risk of conflict of interests.
FINSOM is comprised of professionals with expertise in investor protection and financial services, business administration and development, governance, risk management and internal control, law, financial market regulation and mediation. These professionals bring together the necessary skills and practical experience to ensure the technical competence of the mediation body in both administrative matters and mediation.