{"id":32989,"date":"2026-06-16T14:16:35","date_gmt":"2026-06-16T13:16:35","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/?p=32989"},"modified":"2026-06-16T14:41:19","modified_gmt":"2026-06-16T13:41:19","slug":"the-legal-characterisation-of-a-banking-relationship-through-indicia","status":"publish","type":"post","link":"https:\/\/www.fbt-avocats.ch\/en\/the-legal-characterisation-of-a-banking-relationship-through-indicia\/","title":{"rendered":"The Legal Characterisation of a Banking Relationship Through Indicia"},"content":{"rendered":"<div  class='avia-slideshow av-lpqtcuam-3cdeaaf4b9a4f265ba2335e9c449b278 avia-slideshow-featured_large av_slideshow avia-slide-slider  avia-builder-el-0  el_before_av_heading  avia-builder-el-first  av-slideshow-ui av-control-default av-slideshow-manual av-loop-once av-loop-manual-endless av-default-height-applied avia-slideshow-1' data-slideshow-options=\"{&quot;animation&quot;:&quot;slide&quot;,&quot;autoplay&quot;:false,&quot;loop_autoplay&quot;:&quot;once&quot;,&quot;interval&quot;:5,&quot;loop_manual&quot;:&quot;manual-endless&quot;,&quot;autoplay_stopper&quot;:false,&quot;noNavigation&quot;:false,&quot;bg_slider&quot;:false,&quot;keep_padding&quot;:false,&quot;hoverpause&quot;:false,&quot;show_slide_delay&quot;:0}\"  itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 52.333333333333%;'><li  class='avia-slideshow-slide av-lpqtcuam-3cdeaaf4b9a4f265ba2335e9c449b278__0  av-single-slide slide-1 slide-odd'><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img fetchpriority=\"high\" class=\"wp-image-33055 avia-img-lazy-loading-not-33055\"  src='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2026\/06\/Theo-Goetschin-evidence-workplace-criminal.png' width='1200' height='628' title='Theo-Goetschin-evidence-workplace-criminal' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1\">\n#top .av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1{\npadding-bottom:10px;\nfont-size:26px;\n}\nbody .av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 .av-special-heading-tag{\nfont-size:26px;\n}\n.av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-mqf1znsn-1f175c082466ddc0536d8e25d45583d1 av-special-heading-h1 blockquote modern-quote  avia-builder-el-1  el_after_av_slideshow  el_before_av_hr  av-inherit-size av-linked-heading'><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >The Legal Characterisation of a Banking Relationship Through Indicia<\/h1><div class='av-subheading av-subheading_below'><p>Allnews &#8211; June 2026<br \/>\nTh\u00e9o Goetschin &amp; Serge Fasel<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-edf60761fad835755560d987abf79923\">\n#top .hr.hr-invisible.av-lpqthvln-edf60761fad835755560d987abf79923{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-edf60761fad835755560d987abf79923 hr-invisible  avia-builder-el-2  el_after_av_heading  el_before_av_button '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<div  class='avia-button-wrap av-lpqtm003-4fdac5995b27550b7ecef64514df2b11-wrap avia-button-left  avia-builder-el-3  el_after_av_hr  el_before_av_hr '><a href='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2026\/06\/Allnews-Serge-Fasel-Theo-Goetschin-relation-bancaire-indices-juin-2026-1.pdf'  class='avia-button av-lpqtm003-4fdac5995b27550b7ecef64514df2b11 av-link-btn avia-icon_select-no avia-size-large avia-position-left avia-color-theme-color'  target=\"_blank\"  rel=\"noopener noreferrer\"  aria-label=\"Download PDF\"><span class='avia_iconbox_title' >Download PDF<\/span><\/a><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-10-43a0981e869a87ed7a74c51b9fdfcdbb\">\n#top .hr.hr-invisible.av-lpqthvln-10-43a0981e869a87ed7a74c51b9fdfcdbb{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-10-43a0981e869a87ed7a74c51b9fdfcdbb hr-invisible  avia-builder-el-4  el_after_av_button  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-98b740bbda3753e6524b17366853980e '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p>In a judgment rendered on 27 January 2026<sup>1<\/sup>, <span lang=\"en-GB\">the Geneva Court of Justice reiterated that this classification depends on the actual contractual relationship rather than solely on the wording of the contractual documentation. This distinction is particularly important where an investor suffers substantial losses and seeks to attribute responsibility to the bank.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">The case concerned a businessman and his bank. Several years earlier, he had invested in shares acquired prior to the initial public offering of a French company. After a sharp rise until 2017, the share price fell. The securities were initially held in a sub-account before being transferred to the client\u2019s main account. In 2016, the bank reclassified some accounts historically qualified as \u2018advisory\u2019 (investment advice agreements) as <\/span><span lang=\"en-GB\"><i>\u2018<\/i><\/span><span lang=\"en-GB\">execution<\/span><span lang=\"en-GB\"><i>&#8211;<\/i><\/span><span lang=\"en-GB\">only\u2019 relationships. Claiming that he was bound to the bank by an asset management mandate, the client reproached the bank for failing to monitor price developments and for not having sold his positions in due time. The client claimed several million euros in damages.<\/span><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df\">\n#top .av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df{\npadding-bottom:10px;\nfont-size:20px;\n}\nbody .av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df .av-special-heading-tag{\nfont-size:20px;\n}\n.av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and (min-width: 480px) and (max-width: 767px){ \n#top #wrap_all .av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n\n@media only screen and (max-width: 479px){ \n#top #wrap_all .av-special-heading.av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df .av-special-heading-tag{\nfont-size:0.8em;\n}\n}\n<\/style>\n<div  class='av-special-heading av-2kowvnh-bb904c6bc615a90443d4e5ca9cf506df av-special-heading-h2 blockquote modern-quote  avia-builder-el-6  el_after_av_textblock  el_before_av_hr  av-inherit-size av-linked-heading'><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >Banks would therefore be well advised to ensure consistency between their contractual documentation and the services actually provided<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-9-650812d1ede407441c11cbe5e989a7d2\">\n#top .hr.hr-invisible.av-lpqthvln-9-650812d1ede407441c11cbe5e989a7d2{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-9-650812d1ede407441c11cbe5e989a7d2 hr-invisible  avia-builder-el-7  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-lpqt34bs-8-a4a1b14b8606a6a2211ccaeae75f6bf3 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p align=\"JUSTIFY\"><span lang=\"en-GB\">The Court began by recalling the classic distinction between a management mandate (decisions taken by the bank), investment advice (recommendations with the final decision resting with the client) and execution-only<\/span> <span lang=\"en-GB\">(simple execution without any general duty). This distinction is far from being purely theoretical, as it directly determines the scope of the bank\u2019s obligations.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">The Court then specified that the classification of a banking relationship does not depend exclusively on the contractual documents signed by the parties. The judge must ascertain the parties\u2019 true intent and common understanding on the basis of indicia, including the content of declarations of intent (whether written or oral), even those made prior to the conclusion of the contract, subsequent facts, and the overall context of the contractual relationship.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">In the present case, the client argued that the disputed investments fell within the scope of an asset management mandate. He explained that his relationship manager would present him with investment opportunities, obtain his approval, and then execute the corresponding transactions.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">However, the Court held that such an arrangement does not correspond to an asset management mandate. As long as the client retained decision-making authority and gave his prior consent for each transaction, the relationship could, at most, qualify as investment advice.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">The Court further observed that the client had agreed to be treated as a qualified investor and had signed several documents relating to \u2018Key Client<\/span> <span lang=\"en-GB\">Partners\u2019 (\u2018KCP\u2019) services, provided strictly on a non-advisory basis. These documents stated that it was for the client to determine whether a proposed investment was appropriate and to assess the risks involved. The client had also confirmed, in a <\/span><span lang=\"en-GB\"><em>\u2018<\/em><\/span><span lang=\"en-GB\">Suitability Questionnaire\u2019, that he was knowledgeable about all financial market products.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">Finally, the Court underlined that the initial acquisition of the disputed investment had been carried out with the assistance of an external advisor appointed by the client. It also noted that the investment had been made within the framework of the \u2018KCP\u2019 services, which entail a reduced level of investor protection.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">With regard to the sub-account opened for the initial acquisition of the disputed investment, the Court found that an <\/span><span lang=\"en-GB\"><em>\u2018<\/em><\/span><span lang=\"en-GB\">execution-only<\/span><span lang=\"en-GB\"><em>\u2019<\/em><\/span><span lang=\"en-GB\"> relationship existed. As regards the disputed investments held in the main account, the Court noted that these had likewise been acquired within the KCP framework. It pointed out, however, that the main account fell broadly under an investment advisory relationship and <\/span><span lang=\"en-GB\">left open the question of the precise classification of the disputed transactions, considering that the outcome of the dispute would remain the same even under an advisory relationship framework.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">Even assuming an advisory relationship, the Court held that the client\u2019s status as a qualified investor, his contractually recognised financial knowledge and his commitment to monitor his positions excluded any duty of supervision or information on the part of the bank regarding the evolution of the disputed investments.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">The Court also declined to recognise the existence of a special relationship of trust that could extend the bank\u2019s duties. It therefore found no breach of the duties of information, advice, warning or supervision as alleged by the investor.<\/span><\/p>\n<p align=\"JUSTIFY\"><span lang=\"en-GB\">This judgment illustrates a restrictive approach to the bank\u2019s due diligence towards a qualified investor. The Court reiterates that the client\u2019s status, his contractually recognised financial knowledge and the specific features of the investment in question remain decisive in assessing the bank\u2019s obligations, even where the parties maintain an ongoing relationship. That said, the classification of a banking relationship cannot be reduced to contractual provisions alone. The context of the relationship may well reveal a different reality. Banks would therefore be well advised to ensure consistency between their contractual documentation and the services actually provided, as contrary indicia may, in certain circumstances, lead to an extension of their duties.<\/span><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1xbl8pp-a24d22c2804989a06d83514c8c2e2ebf\">\n#top .hr.hr-invisible.av-1xbl8pp-a24d22c2804989a06d83514c8c2e2ebf{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-1xbl8pp-a24d22c2804989a06d83514c8c2e2ebf hr-invisible  avia-builder-el-9  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-1ofggql-43fc847259f62918fca928c01f548032\">\n#top .av_textblock_section.av-1ofggql-43fc847259f62918fca928c01f548032 .avia_textblock{\nfont-size:10px;\n}\n<\/style>\n<section  class='av_textblock_section av-1ofggql-43fc847259f62918fca928c01f548032 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p class=\"note-bas\"><sup>1<\/sup><span lang=\"en-GB\">Judgment of the Geneva Court of Justice of 27 January 2026, ACJC\/151\/2026<\/span><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lpqthvln-7-be33b6e48809148a9e1eab02ded99bcf\">\n#top .hr.hr-invisible.av-lpqthvln-7-be33b6e48809148a9e1eab02ded99bcf{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-lpqthvln-7-be33b6e48809148a9e1eab02ded99bcf hr-invisible  avia-builder-el-11  el_after_av_textblock  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-m7kkz4pz-39f0fb81c94151477822a1f57b9ffeda '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p style=\"text-align: right;\"><a href=\"..\/en\/portfolio-item\/theo-goetschin\/\">Th\u00e9o Goetschin<\/a><br \/>\nCounsel, Geneva<\/p>\n<p style=\"text-align: right;\">&amp;<\/p>\n<p style=\"text-align: right;\"><a href=\"..\/en\/portfolio-item\/serge-fasel\/\">Serge Fasel<\/a><br \/>\nPartner, Geneva<\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-15bfy2l-7a1adca30f46bdac5b34bbf1ed3b5ad3\">\n#top .av-special-heading.av-15bfy2l-7a1adca30f46bdac5b34bbf1ed3b5ad3{\npadding-bottom:10px;\nfont-size:20px;\n}\nbody .av-special-heading.av-15bfy2l-7a1adca30f46bdac5b34bbf1ed3b5ad3 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-15bfy2l-7a1adca30f46bdac5b34bbf1ed3b5ad3 .av-special-heading-tag{\nfont-size:20px;\n}\n.av-special-heading.av-15bfy2l-7a1adca30f46bdac5b34bbf1ed3b5ad3 .av-subheading{\nfont-size:15px;\n}\n\n@media only screen and 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class='hr av-v8dtdp-eada91b1ccb18b70999dde030e0bd7d0 hr-invisible  avia-builder-el-14  el_after_av_heading  el_before_av_one_fifth '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-2il6c92-659475ef011a8f768eb623e80e9b4c1f\">\n.flex_column.av-2il6c92-659475ef011a8f768eb623e80e9b4c1f{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-2il6c92-659475ef011a8f768eb623e80e9b4c1f av_one_fifth  avia-builder-el-15  el_after_av_hr  el_before_av_one_fifth  first flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0\">\n.flex_column.av-29oszmu-714d6f38bd5b8e6f4196d6365a8ad9d0{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column 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aria-label=\"Share on LinkedIn\" href='https:\/\/linkedin.com\/shareArticle?mini=true&#038;title=The%20Legal%20Characterisation%20of%20a%20Banking%20Relationship%20Through%20Indicia&#038;url=https:\/\/www.fbt-avocats.ch\/en\/the-legal-characterisation-of-a-banking-relationship-through-indicia\/' data-av_icon='\ue8fc' data-av_iconfont='entypo-fontello'  title='' data-avia-related-tooltip='Share on LinkedIn'><span class='avia_hidden_link_text'>Share on LinkedIn<\/span><\/a><\/li><\/ul><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-16odkqu-0047da59c041e4b090215877c632a064\">\n.flex_column.av-16odkqu-0047da59c041e4b090215877c632a064{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-16odkqu-0047da59c041e4b090215877c632a064 av_one_fifth  avia-builder-el-19  el_after_av_one_fifth  el_before_av_one_fifth  flex_column_div av-zero-column-padding  '     ><\/div>\n\n<style 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execution-only services, everything ultimately depends on the indicia that characterise the relationship between a bank and its client.<\/p>\n","protected":false},"author":26,"featured_media":33060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,655],"tags":[560],"datespeciale":[],"class_list":["post-32989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-and-news","category-news","tag-allnews-en","competences-litigation-and-arbitration","auteurs-serge-fasel-en","auteurs-theo-goetschin-en","date-publication-2224","diffusion-groupe-contentieux-en","diffusion-medias-en","diffusion-news-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Legal Characterisation of a Banking Relationship Through Indicia | FBT Avocats 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