Finma launches investigation into 4 insurance companies and intermediaries
Published: Thursday, Nov 21st 2024, 10:20
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The Swiss Financial Market Supervisory Authority (FINMA) has launched investigations into four insurance and brokerage companies. They are suspected of having violated the ban on advertising calls.
"Cold calling" by telephone has been prohibited since September 2024, as Finma announced on Thursday. This refers to unsolicited and unannounced telephone calls to people with whom there has been no business relationship for at least three years and where the contact was not made by a person known to them. As an authority, FINMA is responsible for sanctioning private health insurance companies that violate the ban.
According to the press release, it has now launched investigations into four insurance and brokerage companies. These are intended to put an immediate stop to the abusive practice of customer acquisition, according to the statement. In order to enforce this, FINMA can demand organizational measures from the offending companies or withdraw their license.
Finma has also received indications that market participants are attempting to circumvent the ban on "cold calling" via other communication channels. These attempts are also being investigated more closely.
Already over 100 reports to Finma
With the new ordinance, various provisions of the "Intermediary 3.0" industry agreement between the health insurance associations Santésuisse and Curafutura have been declared generally binding. These include the ban on acquiring new customers by telephone.
Since September, affected consumers have been able to report suspected violations of the ban on the Finma website. According to FINMA, this option is also being actively used. After just over two months, more than 100 reports have already been received.
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