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Today’s Top Headlines

Switzerland Must Remain Competitive, SBA Survey Underlines

by Ulrika Lomas,, Brussels

25 March 2013

In its latest survey, the Swiss Bankers Association (SBA) found that protecting financial privacy and addressing unresolved tax and market access issues remains vitally important for the Swiss population as a whole.

According to the SBA, financial privacy remains a key concern for the Swiss, with 86% of those surveyed stating that the financial details of bank clients must be protected from third parties and 72% warning that the Swiss tradition must not be weakened. Although the majority of those questioned advocated that Switzerland must not yield to international pressure, 31% were in favor of concessions being made. 38% insisted that the Swiss Government is not doing enough to protect bank client confidentiality.

The SBA 2013 survey found that 52% of the Swiss population still rate the Swiss financial centre as stronger than that of the UK, Singapore, Luxembourg or the US, while recognizing that international competitiveness is increasingly at risk. 35% of those questioned feared that the competitive position of Switzerland as a financial centre is set to deteriorate, given the unresolved tax and market access issues. The SBA therefore underlined the need for the Swiss Government and banking sector to find a swift and mutually acceptable solution to safeguard the competitiveness of the Swiss financial centre and to regain public trust in its ability to compete on the international stage.

The SBA's survey of 1,005 individuals was conducted in January 2013 by the independent research institute MIS Trend SA.

TAGS: individuals | compliance | tax | tax compliance | tax avoidance | banking | Luxembourg | Singapore | Switzerland

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