Client Advisors in Financial Services
Anyone who provides financial services to his clients in Switzerland is deemed to be a client advisor. A client advisor is required to be entered into a special register as further outlined in the Financial Serives Act FINSA, which came into force on 1 January 2020.
According to FINSA, a client advisor must provide proof of an appropriate professional indemnity insurance of at least CHF 500,000 (and up to CHF 10,000,000 depending on the number of licensed persons).
Such insurance
- Should have an adequate sum insured in relation to the number of its registered client advisors;
- should cover claims based on legal liability for financial loss caused by an alledged wrongful act in breach of his due diligience as a client advisor;
- should also cover claims, which are reported within one year after the policy expired or was cancelled;
- the notice period of the insurance contract must be at least three months.
Application for Insurance compliant to FinSA
Taking out a professional liability insurance is a process that requires diligence. This factsheet [270 KB] provides relevant information.
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