From the magazine SZW-RSDA 6/2019 | S. 568-581 The following page is 568

Mystery Shopping als Teil der Compliance

Am Beispiel des Bilanz Private Banking Rating

In this paper we argue that mystery shopping shall be part of the compliance in the financial services industry. Laws like FIDLEG try to regulate the conduct of ­financial service providers, which is checked by written documentation. However, there are substantial doubts that those documents do not correctly reflect the interaction between advisor and customer. Based on the­ ­example of the Bilanz Private Banking Rating that we conducted in Switzerland for more than ten years, we show the benefits of mystery shopping. Mystery shopping reveals the true conduct of advisors and can be used to set positive incentives by giving awards complementing the negative punishments for braking laws. In particular, the Bilanz Private Banking Rating has shown that since the financial crisis the quality of financial advice in Switzerland has increased while its costs decreased. Making this great achievement public sets positive incentives for any bank in competition with those winning the awards in…

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