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
VP Bank (Luxembourg) SA is affiliated with the ombudsman listed below:
+41 (0)44 562 05 25
Additional information on feedback management at VP Bank (Luxembourg) SA can be found at https://lu.vpbank.com/en/about-us/responsibility/client-feedback-0.