Switzerland recently introduced a new mediation system for financial services disputes as part of its measures to improve investor protection. Under Swiss law, financial services providers are now required, among other things, to affiliate to an Ombudsman Office (or a mediation body) if they serve private clients (including opt-out private clients).
Swiss and foreign financial services providers currently have a choice of nine different Ombudsman Offices – they choose for themselves and their clients. Thousands of financial services providers have already affiliated to a mediation body and are currently informing their clients about this in accordance with Articles 8 and 79 of the Financial Services Act (FinSA).
What impression might the Ombudsman’s Office leave on clients? K-Geld shares its first impression of the new FinSA Ombudsman Offices in Switzerland from the client’s perspective: Read the article – K-Geld 2/2021 (available in German only)