The VAV supports the model change in principle, but calls for the proposed penalty provision for negligence in the implementation of FATCA to be deleted without replacement.

The ninth Private Banking Day took place on 27 May in Zurich, bringing together leaders from the financial sector, politics and academia to discuss the growing importance of ‘Swissness’ in wealth management and beyond.

The VAV rejects the significant increase in taxation on income from the second and third pillars. This is particularly because the retroactive application of this provision would be perceived by the public as a breach of trust and could have numerous counterproductive effects on the pension system.