Client Advisors according to FINSA
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) as outlined in the FINSA Ordinance or have deposited a surety of the same amount.
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.
If you are interested to receive a quote for professional liability insurance, please return us a completed application form [209 KB] . We provide transparency and assist the client in optimising its insurances.
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