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.
Starting 1 January 2023, FinSA introduces the requirement to make Key Information Document (“KID”) available under certain conditions. KIDs are free of charge and provide information on a specific financial instrument and describe their risks and costs.
Once available, KIDs will be made accessible via a dedicated repository by using the following link: https://finsa.privatebanking.hsbc.com
Tariff information / Costs & charges
The financial services brochure provides a brief description of the financial services made available by the Bank.
The tariff brochure includes the Bank’s standard tariffs and services and is updated periodically.
You may ask your Relationship Manager for a report on all costs and charges you have incurred for a specific period in connection with the financial services provided to you by the Bank free of charge.
Other key information
Information on the Swiss Banking Ombudsman
Your satisfaction is our priority. If we fail to meet your expectations please contact your Relationship Manager and we will resolve the issue together. However if following a written compliant you deem the bank’s response not sufficient you can contact the Swiss Banking Ombudsman which is a free, neutral and independent mediation agency.
Swiss Banking Ombudsman