Canadian Accountant - 03.07.2020

Do Swiss banks owe your accounting clients money?

Clock is ticking for investors who held Swiss bank accounts to claim reimbursements of retrocessions deemed illegal

In 2015, when high net value Canadians rushed to disclose assets held in Swiss bank accounts, they may have unwittingly left money on the table in the form of sales commissions owed to current and former investors. These inducements to Swiss asset managers, called retrocessions, were deemed illegal in 2012 when Switzerland’s highest court banned the practice.

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