Insurance intermediaries: supervision is having an impact, but there is still a need for action to tackle abuse

Summary

The revised Insurance Supervision Act and Insurance Supervision Ordinance came into force on 1 January 2024, bringing about significant changes to the insurance intermediary market. Two and a half years later, FINMA took stock at a symposium in Bern attended by industry experts. It noted positive progress in client protection, but also emphasised that many people are still operating without authorisation. Around 12,000 untied insurance intermediaries are authorised by FINMA.