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FinSA

Information on the Swiss Financial Services Act (FinSA)

The Federal Council adopted the dispatch on the Financial Services Act (FinSA – Finanzdienstleistungsgesetz, FIDLEG) at the beginning of November 2015 as a consequence of the financial crisis.

As part of the new Swiss financial market structure, the Financial Services Act (FinSA – Bundesgesetz über die Finanzdienstleistungen, FIDLEG) will enter into force on 1 January 2020. In addition to ensuring a level competitive playing field, the FinSA serves to improve investor protection. 

The FinSA is the Swiss counterpart to the EU Directive on Markets in Financial Instruments (MiFID), which was implemented at VP Bank Ltd in 2018. By meeting the MiFID requirements, we also fulfil most of our obligations under the FinSA.

A transition period of two years applies to most provisions of the FinSA. VP Bank Group has decided to take advantage of this deadline and to implement the provisions by 1 January 2022 at the latest.

In the specific case of clients domiciled in Switzerland being provided with advice from financial institutions outside of Switzerland, the FinSA stipulates the following:

  • Compulsory registration in a register of advisors for client advisors
  • Affiliation with an ombudsman’s office

Compulsory registration for client advisors

Client advisors employed at financial service providers which are not subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA) must generally be entered in a register of advisers. We will always ensure that your client advisor is registered within the statutory time limit.

Affiliation with an ombudsman’s office

FinSA stipulates that financial service providers based outside of Switzerland must also be affiliated with an authorised ombudsman when providing financial services within Switzerland. The ombudsman service will act as an intermediary in the event of any dispute between the financial service provider and the client.

VP Bank is affiliated with the ombudsman listed below:

Verein Ombudsstelle
Finanzdienstleister (OFD)
Bleicherweg 10
CH-8002 Zürich
+41 (0)44 562 05 25
ombudsmann@ofdl.ch

We would also like to draw your attention to the fact that you have the option of contacting the Liechtenstein arbitration body via info@schlichtungsstelle.li for topics not related to FinSA.