The Federal Department of Finance (FDF) requests that the Federal Council bring into force as early as 1 February 2021 the limitation on the ombudsman affiliation requirement decided by Parliament within the framework of the DLT Act. On 25 September 2020, Parliament adopted the Federal Act on the Adaptation of Continue Reading
A growing and efficient market in financial services depends, amongst other things, on consumer confidence. Developing consumer confidence requires effective: prudential regulation, to ensure that financial businesses are financially sound and run by fit-and proper people; conduct of business regulation, or Continue Reading
On 1 January 2020, the Financial Services Act (FinSA) entered into force. Under the FinSA, clients of financial service providers can avail themselves of an ombudsman procedure. For this purpose, the financial service providers must be affiliated to an ombudsman recognised by the Federal Finance Department (FDF).Continue Reading
This is a small revolution in the Swiss financial industry. As of 1st January 2020, the Federal Law on Financial Services (FinSA), the Law on Financial Institutions (FinIA) and the Law on the Control of Precious Metals (PMCA) will introduce an obligation for several professionals of the Swiss financial industry Continue Reading
The World Bank outlines the fundamentals for the creation of an independent and effective financial ombudsman in its 2012 report. These fundamentals comprise some basic principles as well as a significant number of practical design issues. Drawing on previous reports from The World Bank and others, the 2012 report Continue Reading