ZURICH, Nov 4 (Reuters) - Switzerland’s government outlined new laws on Wednesday that aim to better protect customers of financial services firms.
The proposed Financial Services Act and Financial Institutions Act would establish a supervisory system for the likes of portfolio managers and asset management firms, and make provisions for client advisor training.
The Financial Services Act also aims to improve the transparency of investment advice to clients.
Switzerland’s parliament will now discuss the laws, which are similar to measures outlined by Britain and the European Union through the Retail Distribution Review (RDR) and Markets in Financial Instruments Directive II (MiFID II) respectively.
The Swiss Bankers Association, a lobbying group, said it would look more closely at the proposals but backed them at first view. (Reporting by Joshua Franklin; Editing by Catherine Evans)