General Terms and Conditions (GTC)

These General Terms of Use and Business Conditions (“GTC”) govern the relationship between you and Caveo AG.

Caveo is an independent, FinSA-regulated financial and pension planning firm: we advise you on a fee basis and prepare holistic financial, pension and retirement plans for you. In addition, we are registered with the Swiss Financial Market Supervisory Authority (FINMA) as an untied insurance intermediary and support you with your insurance solutions.

You access our services via the CaveoApp, the website caveo.ch and all other channels of communication (telephone, chat, e-mail, fax, etc.).

If you conclude an advisory mandate with us for financial, pension and retirement planning and/or a broker mandate for the intermediation of insurance solutions (together the “Mandate” or “Mandates”), these GTC apply in addition to the relevant Mandate and form an integral part of our contractual relationship.

Key points in brief

  • Independence: Caveo is your independent, FinSA-regulated financial and pension planner. We advise you on a fee basis – transparently and without sales pressure.
  • Clear Separation: We clearly separate advice and implementation: the planning is independent, product-neutral fee-based advice. If you wish to implement measures with us, you move into a separate broker mandate, under which we act as an untied insurance intermediary (Sec. 2.3).
  • FINMA Registration: We are additionally registered with FINMA as an untied insurance intermediary and are subject to its direct supervision.
  • No Direct Closures: We do not conclude any insurance, pension or financial products ourselves. We analyse, plan and obtain offers for you; you conclude the contract directly with the provider of your choice.
  • Your Control: We act only with your express consent. You retain full control over your contracts – as governed in the relevant Mandate.
  • Fee Structure: For an advisory mandate, the fees are agreed in advance. Use of the CaveoApp itself is free of charge for you.
  • Retrocessions: Where we receive recurring compensation from solution providers (e.g. asset managers such as Everon), this is already factored into our fee. The details and your waiver of the right to surrender are set out in Sec. 5.4.

How Caveo works

Financial and pension planning

  • You start with a no-obligation initial consultation. On request, and on the basis of an advisory mandate, we prepare a holistic financial, pension and retirement plan for you – from analysis and simulations through to a prioritised action plan.
  • We support the implementation digitally via the CaveoApp. On request, we coordinate with your bank, pension fund and insurer on your behalf and keep your plan up to date through review packages.

Insurance brokerage and the CaveoApp

  • If you wish to implement the measures recommended in the plan together with us, you move into a separate broker mandate (see Sec. 2.3) – from that point on we act for you as an untied insurance intermediary.
  • You register free of charge and decide whether you wish to mandate us with the administration of your insurance policies. To do so, you authorise us to obtain your policy information from the insurer. Without this mandate, certain functions may not be available to you.
  • The insurer transmits your policy information to us, which is then available to you in the CaveoApp – so you always have all the key details to hand digitally.
  • If you wish to change or optimise an insurance policy or review additional offers, we obtain offers from various insurers for you. You compare them in the app and select the one that suits you.
  • You conclude the contract directly with the relevant insurer via Caveo; the new policy then appears in your profile.

1. Scope

  • These GTC govern the relationship between you and Caveo AG as a user of the CaveoApp (for Switzerland) or the website caveo.ch as well as via all other means of communication (telephone, e-mail, chat, fax, etc.). Our data protection provisions apply in addition. If you conclude a Mandate with us, the advisory mandate and/or the broker mandate apply additionally.
  • These GTC also apply to all future usage and business relationships between you and us, unless other terms are expressly agreed.
  • When using Caveo, you may simultaneously make use of services provided by third parties (e.g. network or mobile providers). The terms of the respective providers apply to such services.

2. Caveo, the CaveoApp and our roles

2.1 Caveo

Caveo is an independent financial and pension planner and, at the same time, a service for the digital administration of, the obtaining of offers for, and the conclusion of insurance contracts. You use Caveo via the CaveoApp or via caveo.ch. To use it, you register – free of charge.

2.2 The CaveoApp

Caveo and the CaveoApp are operated by Caveo AG (Zurich, Switzerland; CHE-221.728.232). You will find the address and contact details in the imprint. We are registered with FINMA as an untied insurance intermediary (register no. 35052) and are publicly listed at finma.ch.

As a provider of financial services, we are also subject to the Swiss Financial Services Act (FinSA) and align our advice with its conduct and information duties. For disputes arising from financial services, you may refer the matter to our ombudsman’s office for conciliation.

2.3 Our two roles: independent advice and implementation

Caveo provides two clearly separated services that are subject to different roles and remuneration models. This separation is deliberate and transparent to you at all times.

  • a) Independent advice (fee-based): Our financial, pension and retirement planning – including pension provision advice – is an independent, neutral advisory service provided on a fee basis. We do not place any products and do not offer any direct solutions. The work product is a decision-making basis with an action plan. You decide freely whether and how you implement the recommended measures – you may do so entirely independently of Caveo and with providers of your choice. Our remuneration in this role is solely the agreed fee (Sec. 5.1) and is independent of whether, where and with which products you implement the measures.
  • b) Implementation (broker mandate): If you wish to implement the recommended measures together with us – i.e. to make use of a market product screening as well as the offerings of financial service providers and insurers cooperating with us – this no longer constitutes fee-based advice. For this, you move into a separate mandate relationship (broker mandate) and agree that, from that point on, we act for you as an untied insurance intermediary within the meaning of Art. 40 ISA and – for products and activities subject to FinSA, in particular the intermediation of fund products and asset management mandates – as a financial service provider under FinSA. All regulatory requirements – in particular the information duties under Art. 45 ISA as well as the conduct and information duties under FinSA – are set out in the broker mandate and reflect the requirements in force from time to time.

The transition from advice to implementation is made consciously and transparently and requires a separate broker mandate. Until such mandate is concluded, we remain in the independent, fee-based advisory role. In the event of conflicts between the broker mandate and these GTC, the broker mandate prevails (Sec. 4.5).

3. Acceptance and amendments to these GTC

  • By registering, you expressly accept these GTC and grant the consents provided for herein. Deviating or supplementary provisions require our express consent.
  • The version valid at the time of your registration applies. For as long as you use Caveo, you accept these GTC; you can access the current version at any time in the app or at caveo.ch/agb.
  • We may amend these GTC at any time. We will inform you of amendments in advance – by notification in the app, by e-mail or in another suitable manner. If you do not agree, you may terminate the usage and business relationship free of charge. If you continue to use Caveo after an amendment takes effect, the amended GTC are deemed approved and binding.
  • If you breach the provisions of these GTC, your right to use Caveo lapses automatically.

4. Terms of use

4.1 Registration, use and deletion

  • To use Caveo, you register. Upon registration, a usage contract governed by these GTC is concluded between you and us; we grant you the right to use Caveo for the duration of the relationship.
  • Your existing insurance contracts do not change as a result of registration. We act as an insurance broker only once you expressly mandate and authorise us to do so (Sec. 4.4).
  • You can request the deletion of your user account at any time – simply write to us at broker@caveo.ch. How we process and delete data beyond this is set out in our data protection provisions (caveo.ch/datenschutz).
  • If you have concluded a broker mandate, it ends with the termination of the usage and business relationship – and, conversely, terminating the broker mandate also automatically cancels your usage relationship.

4.2 Analyses performed in the CaveoApp

  • The analyses performed in the CaveoApp provide information, recommendations, offers and results that serve solely as general guidance. They do not replace individual advice or an expert opinion.
  • We accept no liability for the accuracy and completeness of the analysis results. Whether and how you use the information is for you alone to decide – the use is your sole responsibility.

4.3 Your obligations

  • Only natural persons of full legal age who are resident in Switzerland may register; by registering, you confirm that both apply to you.
  • You provide all information requested upon registration completely and truthfully and keep it up to date (e.g. address, telephone, e-mail). If we suspect incorrect or incomplete information, we may block or cancel your access. There is no entitlement to a user account.
  • You use Caveo and the software employed only for its intended purpose, namely to make use of the services offered. You may not modify, edit, license, link with other software, integrate into your own services or otherwise exploit it, and may not use it for illegal or immoral purposes.
  • You keep your access data (login, password, etc.) safe and confidential. Any action taken using your access data is deemed, vis-à-vis us, to have been taken by you. If you suspect misuse, you must inform us immediately.
  • You back up the data you enter into, upload to or receive from Caveo yourself, regularly and appropriately to the risk; we accept no liability for this. If we expressly ask you to print out certain data or documents, you keep them in such a way that they are accessible to you at all times.

4.4 Rights reserved by Caveo

  • We may update or further develop Caveo and the CaveoApp at any time and without prior notice. We may likewise discontinue or change the service, or block or delete your access – in particular in the event of a breach of these GTC. We may revoke the right of use granted to you at any time and without giving reasons.
  • All content of the CaveoApp (text, graphics, logos, images, etc.) is protected by intellectual property rights and is the property of Caveo AG or its licensors. No rights to it pass to you through use. For the work product prepared under an advisory mandate, the usage rights of the relevant advisory mandate apply in addition.
  • We may decline to enter into an advisory mandate and/or broker mandate at any time.

4.5 Broker mandate and power of attorney

  • With the broker mandate, you instruct and authorise us to act as an insurance broker on your behalf and in your interest. In the event of conflicts between the broker mandate and these GTC, the broker mandate prevails.
  • Only with a concluded broker agreement can we add and manage your existing contracts in the CaveoApp, obtain offers for you, and enable you to conclude, change or terminate insurance policies directly via Caveo.
  • A broker mandate ends with the termination of the usage and business relationship – and vice versa.

4.6 Intermediation activity

  • We do not at any time conclude insurance contracts for you or in your name – neither with insurers nor with third parties. If you conclude an insurance policy via Caveo, you do so directly with the insurer of your choice.
  • If you apply for a new insurance policy via Caveo, we, as your broker, obtain offers from various insurers based on your information and display them to you – including additional information such as comparisons. Whether and with whom you conclude is for you alone to decide; we merely provide you with the technical means to do so.

4.7 Signatures

Where we offer you this option, you can sign the broker mandate, insurance contracts and other documents via the signature function in Caveo – on your device’s touchscreen with your finger or a stylus, or on the website using your mouse or a stylus. This confirmation is inserted at the relevant point in the document. You acknowledge that, within the context of using Caveo, this form of confirmation constitutes your consent.

4.8 Means of communication and consent to recordings

  • Our communication is, in principle, carried out electronically (notifications in the app, e-mail, chat, etc.). You acknowledge that this form satisfies the receipt requirements for declarations of intent requiring receipt.
  • Data transmitted via the internet or e-mail is, in principle, visible to anyone; we cannot guarantee its confidentiality. Data may be lost, altered or intercepted by unauthorised third parties during transmission.
  • You grant us permission to record and store your activities in Caveo as well as telephone and video calls with you. If you do not agree, please let us know (contact details in the imprint) – in which case we may no longer be able to provide certain services to you. We delete this data as soon as the purpose of retention no longer applies.

4.9 Data protection and data security

How we handle data protection and data security is set out in our data protection provisions at caveo.ch.

5. Costs and compensation

5.1 Fee-based advice (financial and pension planning)

We provide our financial, pension and retirement planning on a fee basis. In this advisory role we do not place any products and do not offer any direct solutions; our remuneration is solely the fee and is independent of any subsequent implementation (Sec. 2.3). The fees are governed by the relevant advisory mandate and are shown to you transparently in advance (umbrella quote). Fee-based services are, in principle, payable in full in advance before the work begins; details on due dates, advance payment, default in cooperation and default in payment are governed by the relevant advisory mandate.

5.2 Use of the CaveoApp

Use of the CaveoApp is free of charge for you. Depending on how you access it, you may incur connection costs from third parties (e.g. internet or telecom providers, roaming) – which you bear yourself.

5.3 Compensation from insurers (intermediation activity)

If you implement the recommended measures with us, you move into the broker mandate (Sec. 2.3). In the area of insurance intermediation, we then finance ourselves through customary compensation from insurers for the administration, support and intermediation of insurance (brokerage commissions), which is typically between 4% and 15% and is already factored into the premiums. We disclose the amount and nature of this compensation to you in advance and in accordance with the supervisory provisions.

By signing the insurance application or the broker mandate, you agree that we accept this compensation for our work and – to the extent permitted by law – you expressly waive your right to have it surrendered (Art. 400 CO and Art. 45b ISA). The details are set out in the broker mandate.

5.4 Compensation from solution providers and waiver (retrocessions / AuM trailer fees)

For the intermediation and ongoing support of investment and pension solutions, we receive recurring, portfolio-based compensation from solution providers and asset managers (e.g. Everon) – known as retrocessions, portfolio maintenance commissions or “kickbacks”. This is calculated on the basis of the assets under management and, in the investment area, typically ranges between 0% and 0.6% per year of the assets concerned.

We expressly point out that we receive and retain this compensation. It is already factored into our fee and pricing structure and forms a deliberately calculated component of our remuneration model – without this compensation, our fees would be correspondingly higher.

You acknowledge the nature and the above range of this compensation and – to the extent permitted by law – expressly and in advance waive your right to have it surrendered (waiver of the duty to surrender within the meaning of Art. 400 CO and the waiver within the meaning of Art. 26 FinSA). Accordingly, there is no claim to reclaim or to surrender of this compensation.

Upon your request, we will disclose the compensation actually received or expected in the individual case.

6. Limitation of liability

  • We strive to keep the information in Caveo current and accurate, but give no express or implied assurance or warranty as to its currency, accuracy, reliability or completeness.
  • We endeavour to make the CaveoApp available to you as best we can, but cannot guarantee access at all times. We are not liable for outages due to technical reasons (faulty hardware or software, maintenance, etc.) or for reasons beyond our control (force majeure, third-party interference, etc.). Nor are we liable for data loss or any consequential damage arising from it – please also note your duty to back up data regularly (Sec. 4.3).
  • We are liable solely for direct damage that we ourselves cause through intent or gross negligence. Any further liability – on whatever legal grounds and for all types and categories of damage, in particular for slight and moderate negligence, indirect and consequential damage, other financial loss and lost profit – is excluded to the extent permitted by law. This limitation applies – to the extent permitted by law – also to our employees, auxiliary persons and vicarious agents.
  • We assume no warranty or liability for third-party content that is accessible or retrievable via the CaveoApp (e.g. via links to other websites). In the relationship between you and us, insurers also count as third parties; we assume no warranty or liability for the information they provide.
  • This limitation of liability applies – to the extent permitted by law – expressly also to advisory, analysis and planning services provided on a fee basis under an advisory mandate. In doing so, we owe the careful preparation of a decision-making basis (concept, financial plan, action plan), but not the occurrence of any particular financial, tax, pension-related, regulatory or economic outcome. The liability provisions of the relevant advisory mandate apply in addition; in the event of conflicts, its provisions prevail. To the extent that liability cannot be excluded despite the foregoing limitation, it is – to the extent permitted by law – in any event limited to the amount of the fee or compensation actually paid for the service concerned.

7. General provisions

  • Should any provision of these GTC be or become wholly or partially invalid or ineffective, the validity of the remaining provisions remains unaffected; existing contracts also continue to apply unchanged. We will replace an invalid or ineffective provision with a valid one that comes as close as possible to its purpose.
  • Swiss law applies exclusively. The exclusive place of jurisdiction is the registered seat of Caveo AG.
  • This English text is a convenience translation. The German version is legally binding.
Terms - General Terms and Conditions | Caveo AG