What is the Financial Services Act (FinSA)?
FinSA aims to strengthen investor protection and the Swiss financial services sector, while adopting a level playing field for financial service providers with standards comparable to those implemented in the existing European regulatory framework. Among other requirements, financial service providers must introduce enhanced rules of conduct and provide clients with comprehensive information and documentation before the provision of any financial service. FinSA applies to financial services provided to HSBC Private Bank (Suisse) SA clients, whether they are domiciled in Switzerland or abroad.
The new Swiss Financial Services Act (“FinSA”) entered into force on 1 January 2020, with a transition period of two years. HSBC Private Bank (Suisse) SA is currently implementing the necessary changes to apply all requirements starting January 2022.
The Swiss Bankers Association published the first version of its brochure “Risks Involved in Trading Financial Instruments” in November 2019, this provides general information on financial services and the risks attached to the trading, buying, selling and custody of financial instruments as well as information on the risks of investing in different types of financial instrument.
FinSA introduces the requirement to provide a Key Information Document (“KID”) when issuing personal investment recommendation to retail clients. The KID provides information on a specific financial instrument, its risks and costs.
The Bank will give you access to a dedicated KID repository which will be launched in 2021.
The Tariff brochure includes the Bank’s standard tariffs and services and is updated periodically.