Key topics of FinSA
| Topic | Provision | What it means in practice |
|---|---|---|
| Client segmentation | Art. 4 | assign retail, professional and institutional clients clearly |
| Client adviser knowledge | Art. 6 | ensure and evidence knowledge of the rules of conduct |
| Client information | Art. 8 | disclose service, risks and costs clearly |
| Appropriateness and suitability | Art. 10 et seq. | assess clients' knowledge, experience and objectives |
| Documentation and accountability | Art. 15, 16 | record the advice and report to clients |
| Third-party compensation | Art. 26 | handle retrocessions transparently |
| Client adviser register | Art. 28–31 | registration and renewal of client advisers |
| Key information document | Art. 58 | product information for retail clients |
| Ombudsman's office | Art. 74 et seq. | settle disputes through mediation |
Implementing provisions are in the FinSO. Licensing and organisation of portfolio managers are governed by FinIA; see the FinIA and supervision hub.
What FinSA means for portfolio managers
- Assign each client to a segment at onboarding and record the classification.
- Before providing portfolio management, record the client's knowledge, experience, financial situation and investment objectives.
- Disclose the service, risks and costs clearly; handle third-party compensation transparently.
- Document the mandate and the advice and report to clients regularly.
- Train client advisers and, where required, register them in the client adviser register.
- Ensure affiliation with an ombudsman's office.
How Peak Compliance puts FinSA into practice
- Compliance outsourcing: Peak Compliance runs the compliance function and embeds the rules of conduct in directives, client documentation and controls – compliance outsourcing for portfolio managers.
- Client adviser register: basic training and refresher online, accredited by BX Swiss AG – Swiss Client Adviser Register – Online Training.
- Current developments: for example the FINMA circular on FinSA and FinSO conduct duties or the FINMA notice on product risks in portfolio management.
Articles on FinSA
Actively Managed Certificates: Key Risks for Portfolio Managers
Actively Managed Certificates, or AMCs, are increasingly being used as a fund-like solution for implementing active investment strategies.
AMC, L-QIF & Gold ETF: How Should Risk Concentrations Be Assessed?
10% per single security, 20% per issuer: What applies to AMC, L-QIF, bonds and gold ETF? A practical FINMA risk concentration guide for portfolio managers.
FINMA Circular 2025/2 – Full Implementation of Conduct Duties under FINSA and FINSO
FINMA Circular 2025/2 “Conduct Duties under FINSA and FINSO” entered into force on 1 January 2025. Since Q3 2025, all provisions apply without restriction.
FINMA Supervisory Notice 03/2026: Product Risks in Individual Portfolio Management
On 3 June 2026, FINMA published Supervisory Notice 03/2026 on risks relating to the use of products in individual portfolio management.
Would you like to organise FinSA duties in your firm clearly and efficiently? Talk to us.
At a glance
- Act: Federal Act on Financial Services (FinSA, SR 950.1), with the Financial Services Ordinance (FinSO, SR 950.11).
- Who: financial service providers and their client advisers in Switzerland, including portfolio managers and managers of collective assets.
- Core topics: client segmentation, rules of conduct, organisation, client adviser register, prospectus and key information document, ombudsman's offices.
Frequently asked questions
Who does FinSA apply to?
FinSA applies to financial service providers that provide financial services in Switzerland, such as portfolio management or investment advice, and to their client advisers. It also covers producers and providers of financial instruments. Portfolio managers licensed under FinIA apply the FinSA rules of conduct in their daily work.
Which client segments does FinSA define?
Art. 4 FinSA distinguishes retail, professional and institutional clients. The segment determines the scope of the information, appropriateness and documentation duties. Providers that treat all clients as retail clients may dispense with segmentation.
Which rules of conduct matter most in practice?
The core duties are information (Art. 8 FinSA), the appropriateness and suitability assessment (Art. 10 et seq. FinSA), documentation and accountability (Art. 15 and 16 FinSA) and the handling of third-party compensation (Art. 26 FinSA). Peak Compliance embeds these duties in directives, processes and controls.
What does FinSA require of client advisers?
Client advisers must know the rules of conduct and have the necessary expertise (Art. 6 FinSA). Where the duty to register applies, they register in a client adviser register (Art. 28 FinSA) and renew the entry no later than every 24 months. Peak Compliance offers the basic training and refresher online.
