Swiss banks are being instructed to tell clients how much they earned in commissions from selling both in-house and third-party products, making it easier for clients to reclaim these payments. 

The order by the Swiss Financial Market Supervisory Authority (FINMA), named Circular 41, follows a ruling by the Swiss Federal Tribunal paving the way for clients to reclaim trail commission payments charged without their permission.

This could cost Swiss banks, which in the past could charge higher fees in return for secrecy an estimated SwFr 7 billion in commissions and other retrocessions. Banks can continue to charg...