Nicole Curti, partner and head of Stanhope Capital Switzerland, has warned wealth managers to start preparing for the arrival of FinIA and FinSA.
Speaking to Citywire Switzerland, she said: ‘This new regulation has now passed and will be implemented as of January 2020. There is no place to hide. 2019 should be used as a transition period to get familiar with the future regulatory requirements.’
Curti said that Stanhope Capital has been preparing for FinIA and FinSA for a long time and has a compliance office to help the firm through the transition.
She said: ‘Some aspects of the laws can be anticipated already. For example, all our portfolio managers will soon follow the SAQ-CWMA training provided by the Institute for Studies in Finance & Banking (ISFB) to update or refresh their level of competence as required by FinSA.’
According to Curti, the industry will benefit from the enforcement of the new regulations. She said: ‘By establishing a comprehensive and demanding legal framework, this new regulation will offer recognition for external asset managers. This will provide further credibility and trust for the WM sector and strengthen our interactions with both clients and custodian banks.
‘It represents the beginning of a new era for the sector. But like every new era, it will require some adaptation to make sure we don’t disappear. As external asset managers, we can’t afford to be dinosaurs!’
Nicole Curti is a former Citywire Switzerland cover star and appeared in the May 2017 issue of the magazine.