IGUV notes once again that the transparency and traceability of the supervisory levies imposed by the Swiss Financial Market Supervisory Authority (FINMA) remain key concerns for our members and the financial sector as a whole. The latest developments and efforts of FINControl Suisse Ltd in dealing with the 2023 supervisory levy shed light on this issue.
FINControl Suisse Ltd, as an exemplary supervisory organization, deserves recognition for its initiative and its attempt to bring more transparency to the calculation of the supervisory levy. Despite the challenges posed by the incomprehensible amount of the levy and the lack of transparency on the part of FINMA, FINControl has acted in the interests of its members. The decision not to pursue legal action was well-considered, based on a balanced risk analysis and the realization that the costs would be disproportionately high in relation to the potential benefits.
However, this situation throws a harsh light on a systemic problem: the dependence of the supervisory organizations on FINMA and the associated obligation to pass on to their members an invoice that in some cases is not clearly justified. The reactions from our community are clear - numerous asset managers are angry about the passivity of their supervisory organizations and the lack of support in this matter. The critical attitude towards the amount and lack of transparency of the FINMA levy is broadly diversified and ranges from incomprehension to open rejection.
IGUV has also campaigned for greater transparency, but with modest success. Our inquiries to FINMA remained unanswered, which raises the question of how an authority that plays such a central role in the financial system can act in such a non-transparent manner. This practice is in stark contrast to the expectations placed on the institutions it supervises.
It is not only the amount of the levy that raises questions, but also the way it is collected, which is independent of the size or turnover of the institutions. This indicates a lack of differentiation and a one-size-fits-all solution that does not take into account the diversity and specific needs of financial institutions. IGUV is therefore calling for the Federal Council to reassess the collection methodology.
Finally, the efficiency and working methods of FINMA itself must be questioned. The current processes and lack of communication pose a significant problem not only for asset managers, but also for supervisory organizations and industry associations. It is time for FINMA to critically review its role and methods to ensure that it meets the needs of the market and the requirements of a modern supervisory authority. IGUV remains committed to finding a solution that prioritizes transparency, fairness and efficiency in dialogue with all stakeholders.
Please do not hesitate to contact us at any time if you have any questions or wish to discuss further.
For a detailed insight into the efforts and the official communication from FINControl Suisse Ltd regarding the FINMA supervisory levy 2023, please download the letter here.
Hello Roger
Thank you for your efforts in this matter. As Finma does not want to tackle the matter and Fincontrol has given up due to costs, the question arises as to whether/how we should proceed here. The other SO , especially ours, will not do anything that could jeopardize their fixed wages. They have created a system that allows them to legally exploit us. The only thing I can see is to complain to OSFIN about my dissatisfaction and their passivity.
Politically, you would have to get to those who can readjust the laws.
LG Rolf