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SWITZERLAND > FINSA

FINANCIAL SERVICES ACT (FinSA)

Information for clients of Habib Bank AG Zurich (Zurich Branch) (hereinafter “HBZ”)

The new Swiss Financial Services Act (FinSA) came into force on 1 January 2020. This Act seeks to strengthen investor’s protection, establish comparable standards for financial service providers and enhance the reputation and competitiveness of Switzerland’s financial center.

Please note that HBZ will make use of the regulatory transition period to implement FinSA duties.

We have gathered some important information for you as a client:

 

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HBZ is subject to the Swiss Federal Banking Act and is supervised by the Swiss Financial Market Supervisory Authority (FINMA).


  • Contact FINMA

    Swiss Financial Market Supervisory Authority FINMA
    Laupenstrasse 27
    3003 Bern
    Switzerland
    +41 31 327 91 00

    Website: https://www.finma.ch/en

Your satisfaction is our priority. In instances where we fall short of your expectations, please reach out to your Relationship Manager, who will work with you to find an agreeable solution.

Should you deem this unsatisfactory, you may address your concerns to the Swiss Banking Ombudsman. The Ombudsman handles specific client complaints against banks and provide free, neutral mediation services.

As a rule, the Ombudsman will only get involved once the bank has had an opportunity to respond to a written client complaint.

Client classification

FinSA divides clients of financial service providers into retail clients, professional clients and institutional clients. This classification ensures additional regulatory protection and is based on a person’s individual financial circumstances, level of knowledge, experience and financial expertise, or the size of the company defined by law or professional treasury. Small and medium-sized companies are generally classified as retail clients and large companies, pension funds and financial intermediaries are classified as professional clients.

Unless HBZ informs you otherwise, you will be classified as a retail client, giving you the most comprehensive level of client protection.

Provided you meet the necessary requirements, you can request a change in your classification. To do so, please contact your Relationship Manager.

More information on the various client classifications can be found here.

Risk information

There are a number of opportunities and risks associated with transactions with financial instruments. It is highly encouraged that you become familiar and understand the risks before using our financial services.

The brochure “Risks Involved in Trading Financial Instruments” (issued by the Swiss Bankers Association) contains information on typical financial services. Its objective is to provide you with basic information and to make you aware of the existence of the most relevant, material and essential risks inherent to investments in such financial instruments. Please ensure you familiarize yourself with this information before signing a contract and contact your Relationship Manager, if you have any questions.

The risk brochure can be found here.

Product information

Following the rollout of FinSA, a document titled ‘Key Information Document’ will be made available to you when we give you our personal recommendations on financial instruments.

The Key Information Document contains information about the characteristics of the product, risks and costs. Such documents are available for a large number of financial instruments and allow you to also compare different financial instruments.

The document you will receive or you can obtain from your Relationship Manager.

When selecting products HBZ takes the market offer into account based on an 'open platform' and 'best in class' - approach (i.e. independent advice).

Cost information

In connection with the provision of financial services, costs and fees may be incurred both by HBZ and by third parties (e.g. fund managers). We make a distinction between costs and fees that are charged directly to your account and costs and fees due on the returns of a financial instrument.

Our current Tariff can be found here.

On request, your Relationship Manager will be happy to provide you with more detailed information.

Conflicts of interest

Conflicts of interest may arise from HBZ’s various business activities. We take measures to avoid conflicts of interest and protect our clients from disadvantages.

If a disadvantage cannot be excluded, the conflict will be disclosed to the client, and the client will be requested to consent to the conflict.

 






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