Back to Insights Page

Exemption from duty to affiliate to a Swiss ombudsman

By Émilie Tränkner

Exemption from duty of ombudsman affiliation for financial intermediaries exclusively providing services to institutional and per-se professional clients.

The Financial Services Act (FinSA) initially required that all financial intermediaries be affiliated to a Swiss ombudsman by 25 December 2020. On 25 September 2020, the Swiss Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT bill), which subsequently modified the requirement to affiliate to an ombudsman as initially stipulated by FinSA.

The situation before this latest update was as follows: financial service providers which only provided their services to institutional or professional clients were also required to join a Swiss ombudsman by Christmas 2020, before being released from this obligation a few months later (upon expiry of the deadline to hold a referendum, i.e. 1 February 2021). Having reviewed their initial approach, the FINMA and the SIF have decided to offer a grace period during that time. The FINMA agreed not to impose the requirement during the intermediate period (i.e. between 25 December 2020 and 31 January 2021).

The respective amendment of the FinSA shall enter into force in 2021. In the future, the ombudsman affiliation requirement will only apply to those financial service providers that offer financial services to retail clients, and not those which only deal with institutional or professional clients (excluding high-net-worth retail clients who have opted-out and declared themselves as professional investors).

Insights

Season's Greetings

Wishing you and your loved ones a healthy and prosperous 2022! May the holidays be a time of joy and happiness. We thank you for your continued support. **The ACOLIN Team** <div style="padding:56.25% 0 0...

Read More

Championing transparency in fund distribution

ACOLIN is focused on creating transformative opportunities for asset managers by promoting greater transparency across the fund distribution lifecycle. We do this by leveraging smart data and technology and our long-standing...

Read More

Warning regarding "acolinFX.com"

ACOLIN warns against responding to an offer on the website www.acolinfx.com which purports to originate from ACOLIN Europe AG. As a precaution, we recommend that you refrain from visiting this website. Neither ACOLIN Europe AG...

Read More

New starter interview: Roxana Mahboubian

Roxana joined the business in July 2021 to help drive and execute ACOLIN’s growth plans in the UK. Previously, Roxana held Business Development roles at Morgan Stanley Investment Management, Fitch Ratings and Fitz Partners as...

Read More

Send Us a Message

For any inquiries, please fill in the following contact form.