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Glossary

Financial Services Ombudsman

The Financial Services Ombudsman is a FinSA-mandated, recognised mediation body to which financial services providers must be affiliated. It mediates out of court in disputes between clients and financial services providers. The procedure is free of charge and voluntary for clients; the service provider is obliged to participate (Art. 74 ff. FinSA).

At a glance

01

Every financial services provider that provides services to private clients must be affiliated with a recognised ombudsman service (Art. 77 FinSA). Affiliation is a condition for operating.

02

Several recognised ombudsman services are active in Switzerland, including those for banks, insurance companies, and specialist bodies for wealth managers.

03

The mediation procedure suspends the civil law limitation period; clients may still pursue ordinary legal recourse afterwards.

Frequently asked questions

Investors can first submit a complaint directly to the financial services provider. If no agreement is reached, they may approach the competent ombudsman service. The procedure is free of charge, swift, and informal. The ombudsman issues a recommendation, which is however not binding on the service provider. Legal proceedings before a court remain available afterwards (Art. 74 ff. FinSA).

Part of the topic

Finanzberatung

Sources: FINMA · Systematische Rechtssammlung (fedlex)