Swiss Financial Market Supervisory Authority moves to delete untied insurance intermediaries from the register after around 100 manipulated VBV certificates were wrongly issued

The Swiss Financial Market Supervisory Authority (FINMA) announced enforcement steps relating to manipulated VBV intermediary certificates, after the Insurance Industry Vocational Training Association (VBV) concluded that around 100 examination certificates were wrongly issued. FINMA stated it will take the necessary measures for affected untied intermediaries under its direct supervision, including removing them from the public register of insurance intermediaries, and will assess whether additional supervisory measures are required where there is evidence of financial market law violations. VBV reported the suspected manipulation to FINMA and, following its investigation at the end of October 2025, attributed the incorrect issuances to manipulation of examination results and or the examination database. VBV will restore compliance for the affected certificates, inform the individuals concerned, and has filed a criminal complaint; FINMA noted it has been in close dialogue with VBV and the relevant criminal authorities. FINMA also emphasised that VBV is an industry organisation not supervised by FINMA, and that insurance companies must take the necessary steps for tied intermediaries, with VBV able to provide information on invalid certificates. FINMA’s actions focus on register entries that rely on a valid VBV examination certificate, which serves as proof of the knowledge required under the Insurance Supervision Act (ISA) and the Insurance Supervision Ordinance (ISO).