Britons who hold savings in Swiss bank accounts could be due refunds worth £3bn
Hundreds of thousands of Britons who hold savings in Swiss bank accounts could be due refunds worth an estimated £3billion. Savers used major institutions such as UBS, Credit Suisse and Julius Baer to invest through Switzerland’s private banking system. When these banks invested their clients’ money in a fund, they received commissions from the fund manager for bringing new business. This practice, known as retrocession, is illegal in the UK and Swiss courts in 2006 ruled it unfair and said any commissions should belong to the investor.
Find the full article that appeared on the Daily mail here.