Genuine question from someone helping a friend with a mismanagement complaint against a Swiss private bank. The situation: a friend suffered significant losses in a discretionary managed account having agreed the type of investment and risk profile. Evidence points to misconduct by the relationship manager and the bank’s risk team . The bank has been unresponsive and appears to be actively suppressing the matter. What strikes me is how difficult it is to know whether this is an isolated incident or something more systemic. Swiss banking secrecy, combined with NDAs and the bank’s control over information, makes it almost impossible for individual clients to find others in the same situation. Swiss banks seem to know the legal system and are happy to wait until clients run out of money or die! In other countries there are forums, ombudsman complaint registers, even class action registries where you can see if others have had the same problem. In Switzerland it feels like the system is designed to protect the institution, not the client. Has anyone here had a bad experience with a Swiss private bank, lost money, had complaints ignored, felt stonewalled? Particularly interested in anyone who felt the bank used legal pressure or confidentiality to prevent them speaking out. submitted by /u/Swiss_Bank_Client
Originally posted by u/Swiss_Bank_Client on r/Switzerland