Dispute with your bank: ombudsman and legal remedies
The Swiss Banking Ombudsman
The Swiss Banking Ombudsman is a neutral, independent mediation body, free of charge for the client, which handles disputes between a client and their bank: disputed fees, incorrect execution of an order, unsatisfactory investment advice, or other contractual disagreements. Approaching it does not require a lawyer and provides a quick step before, or as an alternative to, court proceedings.
The scope of the mediation
The Ombudsman issues a recommendation, which is not binding on the parties: the bank is not obliged to follow it, and the client in any case retains the right to go to court if they are not satisfied with the outcome of the mediation. Mediation in principle suspends the limitation period for the claim while it is ongoing.
Other legal remedies
In parallel with or after mediation, the client can file a complaint with the Swiss Financial Market Supervisory Authority (FINMA), which, however, does not handle individual disputes but can intervene in the event of systemic shortcomings at an institution. Ordinary court proceedings, before the competent civil court, always remain available to resolve a dispute in a binding way.
Documenting the dispute well
Before taking any steps, it is useful to gather all correspondence with the bank, the relevant account statements, and a precise timeline of events: these elements greatly facilitate handling the case, whether by the Ombudsman or by a court.
Frequently asked questions
Does approaching the Swiss Banking Ombudsman cost anything?
No, it is free for the client and does not require the assistance of a lawyer, making it an accessible first step before considering court proceedings.
Is the bank obliged to follow the Ombudsman's recommendation?
No, the recommendation is not binding. If the bank does not follow it, or if the client is not satisfied, ordinary court proceedings remain available.
Can FINMA help me resolve my individual dispute with my bank?
Not directly: FINMA supervises institutions' compliance with prudential rules but does not rule on individual disputes between a client and their bank, unlike the Swiss Banking Ombudsman.