Finma launches investigation into “cold calling”
Published: Thursday, Nov 21st 2024, 10:30
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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. In accordance with the Ordinance on the Regulation of Insurance Intermediary Activities adopted by the Federal Council in August, FINMA is also responsible for imposing sanctions for violations of the ban on cold calling in the area of private supplementary health insurance.
The ordinance declares various provisions of the "Intermediary 3.0" industry agreement between the health insurance associations Santésuisse and Curafutura to be generally binding. These include the ban on acquiring new customers by telephone.
Those affected have been able to report suspected violations of the ban on the Finma website since September. According to FINMA, this option is also being actively used. After just over two months, more than 100 reports have already been received.
FINMA is now evaluating these and clarifying in detail where it suspects a breach of the new regulation. In this context, investigations have been initiated against four insurance and brokerage companies. Finma wants to put an immediate stop to the abusive practice. To this end, it 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.
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