The Swiss Bankers Association (SBA) has issued two guidelines stipulating minimum requirements for integrating sustainability criteria into investment and mortgage advice.
As the umbrella organisation of the Swiss banks, the SBA actively lobbies for the framework conditions for sustainable financial products to be continuously improved. Industry initiatives play a key role here. A good example is the new self-regulation introduced in the area of Sustainable Finance. “In future, sustainability will be an integral component of advisory sessions with clients,” says SBA CEO, Jörg Gasser.
For the first time, the new guidelines define binding rules for integrating environmental, social and governance (ESG) criteria into investment advice and portfolio management, as well as considering energy efficiency when giving mortgage advice. “In doing so, the industry is making a concrete and important contribution not only towards the achievement of the Paris climate goals, but also to the common goal set out in the Federal Council’s financial market policy to establish Switzerland as a premier hub for sustainable finance,” Jörg Gasser adds.
New guidelines come into force on 1 January 2023
Drafted by members, the new guidelines affect all SBA members. They are therefore the result of a broad consultation process supported by the entire banking industry. The new self-regulation is binding on all SBA members and comes into force on 1 January 2023, with various transition periods granted for the necessary preparations to be made. The SBA offers member banks information materials and specialist workshops to support the introduction of the new guidelines. Non-members can also adopt the new guidelines on a voluntary basis.
New minimum requirements for integrating sustainability risks into investment and mortgage advice - SwissBanking