Financial Services Act (FinSA)
Basic information for clients of Bank CIC (Switzerland) Ltd.
The Swiss Financial Services Act (FinSA) came into effect on 1 January 2020 with a two-year transitional period. The main aim of the new act is to strengthen client protection by increasing the duties to provide information and keep records when providing financial services.
Please find below important information on Bank CIC:
If you carry out transactions in securities, derivatives or forwards, you will be affected by the following points:
Are my deposits protected under the deposit insurance esisuisse? Yes, like any bank and any securities firm in Switzerland, Bank CIC (Switzerland) Ltd. is required to sign the Self-regulation «Agreement between esisuisse and its members». This means clients’ deposits are protected up to a maximum of CHF 100,000 per client. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at https://www.esisuisse.ch/en.
You can find more binding information about the account terms and conditions in the overview of Bank CIC’s range of accounts.