Tag: FINSA

As of January 1, 2018, the Financial Services Act (FinSA) came into effect in Switzerland (Federal Council shall regulate new details). The new act replaces the old Banking Act and regulates all financial services providers in Switzerland.

The main purpose of the FinSA is to protect consumers by ensuring that only qualified and reputable providers offer financial services in Switzerland. In order to operate as a financial service provider in Switzerland, you must now obtain a license from FINMA, the Swiss financial regulator.

Only providers who meet rigorous qualifications and comply with strict rules and regulations will be granted a license by FINMA. So what does this mean for clients and how InvestGlass automate this bank process?