Legal basis

Pursuant to Art. 74 FinSA, disputes about legal claims between customers and financial service providers are to be settled by an ombudsman service within the framework of a mediation procedure. If no agreement can be reached or if such an agreement appears hopeless, the ombudsman may, in accordance with Art. 75 FinSA, on the basis of the information available to him, provide the parties with their own actual and legal assessment of the dispute and include it in the notice concluding the proceedings.

FinSA strengthens the institution of the ombudsman’s office by obliging all financial service providers to join an ombudsman’s office and requiring official recognition of the ombudsman’s office by the Federal Department of Finance (FDF). However, the ombudsman’s offices still have no decision-making authority, so that they are not restricted in their activities as intermediaries.

Pursuant to Art. 77 FinSA, financial service providers must join an ombudsman office at the latest upon commencement of their activities. They must inform their clients of the possibility of initiating mediation proceedings before a recognised ombudsman (Art. 8 FinSA).

Tasks of the Ombudsman

Tasks of the Ombudsman

The Ombudsman

takes the appropriate measures to mediate, provided that this does not appear hopeless from the outset;

informs the competent supervisory authorities and the registration authority of the financial service providers affiliated to it and of those to whom it has refused or excluded access;

excludes from the ombudsman’s office financial service providers who have repeatedly failed to comply with the corresponding obligations under Art. 78-80 FinSA.

By when do financial service providers have to join an ombudsman?

Financial service providers must join an ombudsman within six months of the entry into force of FinSA, i.e. presumably by 30 June 2020.

FDF approved ombuds offices in Switzerland

The Swiss Federal Department of Finance (FDF) has not yet approved an ombudsman’s office. The approval of an ombudsman’s office is not expected until the end of the year due to the deadlines for the legislative procedure.

Foreign financial service providers with clients in Switzerland

Foreign financial service providers who provide cross-border services for Swiss clients or clients in Switzerland must also join an ombudsman’s office.

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    Diese Webseite informiert über die Aufgaben der ab dem Jahr 2020 im Rahmen des schweizerischen Bundesgesetzes über die Finanzdienstleistungen (FIDLEG) eingeführten Prüfstelle für Prospekte, des Beraterregisters sowie der Ombudsstelle.

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