FINMA, a seal of quality for Switzerland‘s financial sector
As an independent supervisory authority, FINMA protects financial market clients, in particular creditors, investors, and policyholders. It thus contributes to strengthening confidence in the proper functioning, integrity, and competitiveness of the Swiss financial market.
FINMA has three core responsibilities: licensing, supervision, and enforcement. It grants operating licenses for companies and organizations subject to its supervision, monitors the supervised institutions with respect to their compliance with the requisite laws, ordinances, directives, and regulations, as well as with the conditions for the granting of licenses that must be complied with at all times.
Following the entry into force of the Financial Institutions Act (FinIA) on January 1, 2020, portfolio managers and trustees must be licensed by FINMA to carry out their activities.
Portfolio managers and trustees must meet a number of personal, financial, and organizational requirements. In particular, they are required to be suitably organized, provide guarantee of irreproachable business conduct, enjoy a good reputation, and hold the required professional qualifications.
BCT Bastion obtained its affiliation with FINMA following a rigorous and demanding process.
For more information: FINMA website & FINMA portrait
SAM, professional association
Leader of professional associations in the industry and founded in 1986, the Swiss Association of Wealth Managers (SAM) regroups over 2’000 members. As a pure professional association, the SAM offers its members services in the fields of legal advice, training, and representation of interests, while also being a competence center for valuable solutions for the sector.
BCT Bastion, since its creation in 2008, has been a member of the SAM.
AOOS, supervisory organization (SO)
Since the Financial Institutions Act (FinIA) entered into force at the start of 2020, portfolio managers and trustees are also subject to the supervision of an authorized supervisory organization (SO). This permanent supervision makes it possible to control the activity of the portfolio managers and trustees who are subject to it, to ensure compliance with the legal provisions and the requirements of the FINMA authorization. As for the SO, it is itself authorized and monitored by FINMA.
The Swiss Supervision Public Limited Company (AOOS) was founded with the aim of managing a SO according to the FinIA, as a service specifically dedicated to portfolio managers and trustees. Thanks to its values, AOOS is a cornerstone in the implementation of the FinSA / FinIA / AMLA system for all its members, of which BCT Bastion is a part.
OFS, mediation body
Ombud Finance Switzerland (OFS) is a Swiss foundation dedicated to providing dispute resolution services to affiliated financial institutions, financial service providers, financial advisers, and their clients. Its services are available upon request, from clients or from financial service providers. OFS is a public utility tax exempted legal entity subject to supervision by the Swiss Federal Supervision Authority in Bern.
OFS was recognized by the Federal Department of Finance as an official Ombudsman’s Offices and in accordance with the Financial Services Act (FinSA), BCT Bastion is affiliated with OFS.