Retrozessionen
Inner nexus as the hinge — BGer 4A_149/2025 on the duty to surrender retrocessions in execution-only relationships
In its ruling 4A_149/2025 of 12 January 2026 — designated for official publication — the Swiss Federal Supreme Court, sitting as a five-judge panel, denies any duty to surrender retrocessions in a pure execution-only relationship. An analysis of the conflict-of-interest doctrine as the dogmatic hinge, of the constellations the Court deliberately leaves open, and of the consequences for discretionary asset management, investment advice and retrocession-related claims enforcement.
May 13, 2026
Energy
Europe's Diesel Supply: How Acute the Iran Conflict Could Become in the Short Term
Europe is structurally short on diesel and gasoil. The Iran conflict therefore hits more than crude — within weeks it can reach the pump.
April 27, 2026
Energy
Europe's Diesel Supply: How Acute the Iran Conflict Could Become in the Short Term
Europe is structurally short on diesel and gasoil. The Iran conflict therefore hits more than crude — within weeks it can reach the pump.
April 27, 2026
FinIA
FinIA and FinSA: Game Changer for Swiss Trustees
The Financial Institutions Act and Financial Services Act fundamentally change the regulatory landscape for trustees in Switzerland — with direct implications for retrocession obligations.
March 10, 2026
Inflation-Linked Bonds
Inflation-linked bonds: what lies between real yield and investor return
Inflation-linked bonds promise to preserve purchasing power. Yet between the instrument's real yield and the return that reaches the investor lies a cost layer that is rarely disclosed in full.
March 10, 2026
Kickbacks
Kickbacks and Conflicts of Interest in the Funds Industry: Why Investors Should Act
Retrocessions on fund products create systemic conflicts of interest. An analysis shows how the practice works and why a ban is being debated.
March 10, 2026
Retrocessions
Press Review: Retrocessions and Kickbacks — What International Media Report
From Reuters to Forbes to NZZ: a curated collection of the most important media coverage on retrocessions, kickbacks, and hidden commissions in Swiss finance.
March 10, 2026
Retrocessions
STEP Journal: Retrocessions and Kickbacks in Swiss Asset Management
The STEP Journal article by Martin Straub quantifies the 'Retro Drag' — the cumulative performance impact of hidden commissions on investor portfolios over 20 years.
March 10, 2026
Retrocessions
Retrocessions Endanger Trust — Hidden Commissions and Conflicts of Interest
Hidden commissions create systematic conflicts of interest between investors and asset managers. An NZZ analysis shows why transparency is the only antidote.
March 10, 2026
Inkasso
Compliance in debt collection: privacy, communication and auditability
Professional debt collection is a compliance discipline. This post highlights what “serious” looks like: data minimisation, respectful messaging, clear evidence and robust vendor governance.
March 05, 2026
Inkasso
A practical playbook: early intervention, payment plans and de-escalation
Most cases are won or lost before formal enforcement. We outline a practical, respectful playbook: documentation, timing, negotiation and when to escalate — with an eye on recovery rates and reputation.
February 26, 2026