Chris Tattersall is a partner in the Energy and Resources sector at Deloitte in Switzerland. He has more than 17 years of experience in transaction consulting, mainly for clients in the raw materials trade … In principle, the bank is free to refuse investment services when clients do not wish to enter into contracts that the bank deems necessary for such services. Such decisions relate to the Bank`s trade policy and are not subject to the Ombudsman`s assessment in accordance with its internal regulations. This is consistent with the Ombudsman`s finding that many banks now only wish to offer investment advice on the basis of written agreements and for a reasonable fee. There may be many reasons for that. Finally, the increasing loss of indirect remuneration, such as retrocessions. B, may have prompted the bank to provide consulting services only for a direct fee. The bank offered the client a written investment consultation. The client did not want to accept the offer, and the bank informed him that it would no longer offer investment advice. The client asked the Ombudsman whether the bank had an obligation to continue to provide its services to previous proportions. The mediator must have disappointed the client by responding to this request. According to the Ombudsman, contractual freedom is a fundamental principle of Swiss law.
On this basis, no one may be compelled to enter into a contract with another party or to maintain a relationship in a certain form, unless there has been a contractual obligation. Banking services are also largely subject to Agency law. Article 404 of Swiss obligation law provides that these agreements can in principle be denounced by both parties. It is also apparent that the right to terminate the contract at any time is that a bank is able to impose relatively short-term contract changes. If the other party does not agree with the amendments, they must look for another, more appropriate offer. Indrek is a partner with more than 15 years of transaction consulting experience in Switzerland, the United Kingdom, Australia, Germany and Estonia. Before entering Corporate Finance t… Read more An older client informed the Ombudsman that he had been at the bank for many years, and during that time he received private banking services for which he paid bank fees of several thousand francs a year.
The Bank had now submitted a written investment advisory agreement to the Bank. This agreement outlined the investment advisory services that the Bank would provide in the future and the prices it anticipates. The client informed the bank that he did not wish to enter into this agreement and felt that the bank would continue to provide the necessary investment advisory services on the same terms. Die Bank teilte ihm jedoch mit, dass sie nicht mehr bereit, in Anlageberatung ohne abschluss einer schriftlichen Anlageberatungsvereinbarung zu erbringen. Several price models have been made available to the customer. As the customer pointed out, the bank had presented him with the most expensive of these offers. For the following reasons, the Ombudsman had to answer the client`s question as to whether the bank was required to continue to provide these services for unfounded reasons. Espressioni brevi frequenti: 1-400, 401-800, 801-1200, Altro . . Andrew has been working for more than 25 years, with more than 18 years in the Has. He has extensive experience in managing large, complex cross-border transactions in the mining, manufacturing, consumer sectors.