The Insurance Industry Vocational Training Association (VBV) informed FINMA of possible manipulation in relation to the issuing of VBV certificates in a large number of cases. Since then, FINMA has been in close dialogue with the VBV and the criminal authorities involved. Following its investigation at the end of October this year, the VBV informed FINMA that in around 100 cases such an examination certificate was wrongly issued due to the manipulation of examination results and/or the examination database. The VBV will restore compliance with the law for these examination certificates and inform the persons concerned. Criminal charges have also been filed.
FINMA measures for untied intermediaries
FINMA’s core responsibility is to protect financial market clients. It will therefore take the necessary measures with regard to the untied intermediaries concerned, who fall under FINMA’s supervisory jurisdiction, including their deletion from the public register of insurance intermediaries. FINMA reserves the right to take additional supervisory measures.
Insurance companies are responsible for taking the necessary steps with regard to tied intermediaries, who are not entered in the FINMA register. The VBV can provide insurance companies with information about invalid certificates.
VBV not under the supervision of FINMA
The VBV is an industry organisation that is responsible for the minimum training standards for insurance intermediaries. These minimum standards were submitted to FINMA for the purpose of recognition as part of the revision of the ISA. They were recognised in August 2024. The VBV acts on behalf of the insurance and intermediary industry and is not an organisation supervised by FINMA.
The VBV intermediary certificate serves as proof of the necessary knowledge in accordance with Article 43 ISA and Article 190 para. 3 ISO. A valid examination certificate is also one of the requirements for an entry in the FINMA register of intermediaries.
Further information on the minimum standards for the training and continuing education of insurance intermediaries: Mindeststandards für Versicherungsvermittler - Neues VAG
