Ombudsmen for financial service providers

Under the Financial Services Act (FinSA) which entered into force at the start of 2020, financial service providers must be affiliated to an ombudsman. The ombudsmen must be recognised by the Federal Department of Finance (FDF).

When the FinSA entered into force, affiliation to an ombudsman became obligatory for all financial service providers that provide their services in Switzerland – unlike the self-regulatory ombudsman system of the past for banks. The ombudsmen must now be recognised by the FDF (FDF list). As in the past, the ombudsmen should settle disputes regarding legal claims between the client and the financial service provider in mediation proceedings. FINMA will monitor the implementation of the affiliation requirement within the scope of its supervisory work.

Regarding the affiliation requirement for financial service providers that serve solely institutional and professional clients, see also the specialist information published by the State Secretariat for International Finance (SIF) on 9 November 2020.