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What you should know as a customer about the Financial Services Act (FIDLEG)


What you should know as a customer about the Financial Services Act (FIDLEG)

Do you still remember the Lehman Brothers case that triggered the financial crisis in 2008? Or the Madoff fraud case in 2009? In the wake of these cases, the Swiss Financial Market Supervisory Authority ("FINMA") published the so-called "FINMA Distribution Report 2010" in October 2010. This report identified "a significant information gap and imbalance of power between financial services providers and private clients" which the current law did not adequately address. FINMA concluded that adequate client protection was not guaranteed and proposed various measures to remedy the deficiencies identified, including the creation of a financial services law.

Subsequently, in March 2012, the Federal Council commissioned the Federal Department of Finance to draft a regulation of financial products, financial services and their distribution, and financial institutions that would cover the various sectors of the financial industry.

Classic political wrangling was followed by the Federal Council's revised drafts for parliamentary deliberations at the end of 2015, which were completed in June 2018. FIDLEG&FINIG and the associated Financial Services, Financial Institutions and Supervisory Organization Ordinances entered into force on January 1, 2020.

What are the objectives of FIDLEG&FINIG?

  • the regulatory strengthening of investor protection = protecting customers such as yourself
  • the creation of uniform supervisory rules for the provision of financial services as well as the offering of financial instruments = education/training, quality of advice, documentation requirements, etc.
  • the harmonization of Swiss financial market law with European requirements.

What does this mean for you as a Caveo client?

Client advisors working in the financial sector in Switzerland will be required to register in an advisor registry as of 01.01.2022. All Caveo advisors are already registered in this register since the beginning of 2021 and fulfill all requirements (proof Art. 6 FIDLEG), as they have excellent education (financial planner with federal diploma, etc.). 

Conclusion: At Caveo, we have always had very high educational requirements for our advisors and have committed ourselves to constantly update each other with the latest findings from research and science. We advise exclusively on the basis of established scientific findings - evidence-based and prognosis-free - always in your best interest. 

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