For once, Fimna's lates announcement does not concern banks but the insurance sector. An investigation by the VBV found that roughly 100 broker certificates had been issued fraudulently due to manipulation. Finma stated in a release on Tuesday that the VBV had previously informed it of possible irregularities in connection with the certification process. Since then, Finma has been in close contact with both the VBV and law enforcement authorities.

At the end of October, VBV confirmed to FINMA that in about 100 cases, exam results or data had been manipulated, leading to certificates being issued unlawfully. The association said it would revoke the invalid certificates, inform those affected, and has filed criminal charges.

Deletions from the Public Broker Register

The VBV operates on behalf of the insurance and brokerage industry and is not supervised by FINMA. However, independent brokers are directly under FINMA’s oversight. If a violation of financial market law is proven, FINMA will remove the affected brokers from the public intermediary register and examine further supervisory measures.

In the case of tied intermediaries, who are not listed in the register, Finma has passed the responsibility to insurance companies, which must take the necessary steps.

External Forensic Investigation Conducted

The VBV also issued a statement confirming that an external forensic investigation had been carried out. The association will inform insurance companies of the fraudulent certificates to prevent misuse. Tied insurance brokers who obtained such certificates illegally will be removed from the industry’s «Cicero» quality register.

«The VBV does not tolerate any attempts to circumvent legal requirements and takes strict action against violations,» the association said. «To detect and prevent such irregularities immediately, VBV has reviewed and strengthened its internal processes.»

Surge in Exam Registrations

The association also provided context and figures: anyone offering or concluding insurance contracts must prove their knowledge and competence through mandatory exams developed by the industry and approved by Finma.

As the transition period for these certifications expires at the end of 2025, demand for exams has soared. In 2024, over 2,000 certificates were issued, and the number is expected to rise to around 8,000 this year. In total, approximately 35,000 people in Switzerland fall under the insurance intermediary regulation, according to the VBV.