Swiss Banking Ombudsman Says Weak Markets Have Unsettled Banking Customers

by Ulrika Lomas, Tax-News.com, Brussels

16 July 2002

Speaking at a press conference held in Zurich last week, the Swiss Banking Ombudsman, Hanspeter Hani revealed that the number of requests for information and assistance received by his office increased by some 15% last year, partly as a result of poorly performing stock markets during the period in question.

Mr Hani told reporters that he had received 1,842 requests for mediation last year, up from around 1,600 in 2000, with the increase coming mainly in the area of investment and asset management.

Speaking to the Swissinfo news service after the conference, the Ombusdman explained that: 'Many people feel insecure about the growing complexity of banking services. Customers are confused about the array of offers in the banking market.'

He added: 'Banks have to inform clients not only about the opportunities that an investment offers but above all about its risks. It's up to banks to explain the services and to not sell an instrument if the customer does not understand it.'

When questioned by the news service as to whether he felt that he could be truly neutral in his dealings with aggrieved banking customers, Mr Hani - whose office is funded by the Swiss Banking Ombudsman Foundation, which in turn was established by the Swiss Bankers Association - explained that:

'I am paid by a foundation with independent people on the board. It's also a personal question - I feel independent and I am independent, otherwise I would not do the job.'

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