You have got questions about your client adviser’s duty to register and about the role of the registration bodies

Which client advisers have to be entered in a register of advisers?

Client advisers of domestic financial service providers which are not subject to financial market supervision in Switzerland must be entered in a register of advisers. Financial service providers can also be individuals who offer financial services to clients in Switzerland on a professional basis. Client advisers of foreign financial service providers must also be entered in a Swiss register of advisers if the financial service provider is not subject to comprehensive supervision in its home country or if the services are also to be provided to private clients in Switzerland.

A register of advisers is kept by a registration body, which must be authorised by FINMA. The registration body decides on the entry and deletion of client advisers in the register. Client advisers entered in the register must notify the registration body of all changes to the facts on which the registration is based. The registration bodies check whether a client adviser meets the requirements for registration. This task is not within FINMA’s area of competence.

You can check with one of the three registration bodies authorised by FINMA whether your client adviser is registered:

• Regservices: Adviser search
  
• ARIF: Client advisor register
  
• RegFix: Register of advisers

You will find answers to frequently asked questions concerning the registration requirement in the FAQs on the registration bodies’ websites. Further information about the registration bodies can be found here.

Which client advisers do not have to be entered in a register of advisers?

Client advisers of domestic financial service providers which are subject to financial market supervision in Switzerland such as banks and portfolio managers, for example, do not need to be registered. Neither do client advisers of foreign financial service providers have to be entered in a Swiss register of advisers, provided that this financial service provider is subject to comprehensive supervision in its home country and the services are to be provided solely to professional or institutional clients in Switzerland (i.e. not to private clients).

Who is regarded as a client adviser?

Client advisers under the FinSA are individuals who provide financial services on behalf of a financial service provider or themselves as a financial service provider.

What rules do client advisers need to observe vis-à-vis their clients?

General rules of conduct apply to client advisers. They are subject to a duty to inform clients (cf. Arts. 8 and 9 FinSA). Among other things, they must disclose their name, address and field of activity as well as their supervision status. They must also inform their clients about the possibility of opening a mediation procedure before the ombudsman to which they or the financial service provider they work for are affiliated. Client advisers must also enquire about the client’s financial situation and investment goals as well as about the client’s knowledge and experience. Furthermore, before recommending financial instruments, they must check whether these are appropriate for the client. The financial services agreed on with the clients and the information collected about them must be adequately documented. Finally, financial service providers and their client advisers must prevent conflicts of interests or, if this is not possible, they must disclose the conflict of interests to the client (cf. Financial Services Act FinSA).

What can you do if you have problems with your client adviser?

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). The ombudsman responsible for the financial service provider and its client advisers is listed in the register of advisers.