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Old 07.03.2010, 14:07
swisscrewed swisscrewed is offline
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Re: Financial Mis-selling to expats

I would be extremely interested in getting elaborated accounts of the techniques and especially products marketed by these individuals.
I am not sure why we can't name names on this forum. But it is true that there are laws protecting crooks, especially in Switzerland.
If you d' like to give more publicity to your story , please PM me with more detail.




TalkingHorse:

The Swiss market is largely unregulated compared to the UK (whose stringent regulation I feel still does not protect the public adequately while imposing all sorts of barriers to entry into the profession). Switzerland has none of the sorts, and is a jungle in that respect, you can set up business in no time.
If you actually manage money , you need to register with one of the self regulatory body (annual fee, need to be sponsored and accepted) or the FINMA (one time registration fee ), the former being professional associations (cartels) of asset managers/advisors . There are however thousands of "advisors" in the country, they are either small independent advisors , running managed accounts for clients at bigger local banks (where they usually started their career) or when the firm is bigger they offer the whole gamut of traditional private banking services . It's fair to say that mid size and large private banks and the big Swiss banks have a strong hold over the market. Products are quite different than those offered in the UK , the pension system and of course the tax system are different. PM me if I can help.
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