Swiss Government Puts Greenwashing, Data Exchange Regulations on Hold for Now

Greenwashing and data exchange regulations in the financial sector are currently on hold, despite industry pressure. The government in Bern has decided not to impose regulations on these areas due to various factors such as complexity and political considerations.

One of the key areas where the government has decided not to regulate is greenwashing. Financial institutions have made progress in self-regulation to avoid misleading consumers. The Bankers Association and other industry groups have revised guidelines to ensure transparency and accuracy in labeling products as sustainable. However, there are still areas that need improvement, which the government has taken note of.

Another area where the government has decided not to regulate is data exchange, specifically regarding customer data ownership. Financial institutions were encouraged to share customer data with other providers at the customer’s request, although there is no legal obligation for this in Switzerland. Many institutions have voluntarily signed on to a letter of intent to work towards multi-bank offerings.

The decision to hold off on new regulations reflects a balance between industry self-regulation and government oversight in these important areas. Both greenwashing and data exchange issues will continue to be monitored by the government, with a new assessment planned by the end of 2027. The EU’s regulations on these matters are also being closely watched for potential impacts on Switzerland.