The Financial Services Act (FinSA) aims to expand and harmonize the consumer protection granted to investors. The provisions focus on the information and reporting that financial intermediaries are obliged to provide to their clients when offering advice and selling financial products. Like the MiFID, the law also includes a statutory obligation to check the appropriateness and suitability of financial services and products. The FinSA also includes provisions on the treatment of retrocessions and various procedural provisions.
As the FinSA is a vertical regulation, it affects not only banks, but also other financial service providers such as independent asset managers.
- 1 Preparation of the rule of law 03/12-05/14
- 2 Consultation period 06/14-10/14
- 3 Result of consultation 12/15-11/15
- 4 Treatment in the Parliament 12/16-06/18
- 7 Enactment / transitional period 01/19-12/21
The FinSA introduces various new rules of conduct for financial intermediaries that cover the entire spectrum of the value chain. The FinSA in particular introduces new obligations with regard to client segmentation, the obligation to check the appropriateness and suitability of financial services and products, reporting obligations and obligations to provide information. As the effort needed to implement these obligations should not be underestimated, implementation should be planned at an early date.
- FIDLEG / FINIG: Stände- und Nationalrat weiter uneins (in German)
- FIDLEG / FINIG: Anträge der Kommission (WAK-N) (in German)
- Council of States approves FinSa and FinIA
- FinSa: First result of treatment by Economic Commission of the Swiss National Council
- Kundenberatung unter FIDLEG: Wer wann was zu tun hat Teil 1/2 (in German)
- Einfluss des FIDLEG auf die Versicherungsindustrie (in German)
- Botschaft zum FIDLEG / FINIG: Bundesrat berücksichtigt Bedenken der Finanzindustrie (in German)
- Prüfung der Suitability - welche neuen Pflichten bringt das FIDLEG? (in German)