FIDLEG is the Swiss answer to MiFID II and defines Investor Protection rules for financial services companies. The implementation of FIDLEG has a considerable impact on processes and systems in the advisory and investment management of banks.
Although most internationally oriented Swiss banks had already introduced most of the processes, systems and frameworks for investor protection with MiFID II, FIDLEG still represented a major challenge for many banks.
The central elements of FIDLEG on the customer side can be found in the profiling, classification and increased information duties. On the product side, the creation of basic information sheets (BIB), prospectus and the extended best execution rules were among the biggest cost drivers.
The customer base of Swiss banks affected by FIDLEG was significantly larger than the MiFID population. As a result, Swiss-oriented client advisors previously had little contact with investor protection rules. A large part of the effort therefore was spent on training employees and on internal and external communication.
finalix contribution
- Implementation of FIDLEG requirements in the advice process (suitability, K&E, advisory minutes) in all customer channels
- Implementation of cost transparency and alignment with MIFID II requirements
- Analysis and definition of business processes, support for training and internal/external communication
- Implementation of processes regarding best execution of client orders
