Effectively, this would mean that an insurer or takaful operator cannot refuse to show an adviser its range of products which has been a strategy used by some companies to protect their investments in the training of their own agents and discourage them from abandoning exclusive arrangements with the company. Of course, having access to the broadest range of products would not mean very much if advisers do not build the capacity to understand their features and effectively compare and contrast them against the specific needs of a client. This requires greater investments by financial advisers in the training of your representatives, information systems and in building relationships with a broader network of product providers. Let me now touch for a moment on some observations from our recently concluded fieldwork which examined the effectiveness of current mandatory disclosures in providing financial consumers with the information that they need to make financial decisions. The study which we conducted focused on the Product Disclosure Sheet (or PDS) which financial service providers are required to provide to all consumers before they enter into a financial contract, and covered life insurance and investment-linked products, structured investments and mortgages. We surveyed over 400 respondents and found that while the PDS provided by financial service providers is covering the type of information that consumers believe are important for making informed decisions, key product information is obscured in lengthy narratives, excessive information and technical or legal jargon that is difficult to understand.

In addition, the SNB recruits and employs many economists itself. Maintaining close ties with the universities is a necessary prerequisite for SNB economists to remain on top of the latest economic knowledge and for the SNB to be an attractive employer. However, the SNB also considers itself a provider of research and teaching services. To the extent possible, it publishes its own research results and also makes available other economic expertise, e.g. in the area of statistics. An academic education is a privilege for which society justifiably expects something in return. For graduates, this presupposes an especially large commitment to making a contribution to Switzerland’s prosperity and success. The SNB also would like universities to make concrete and useful suggestions for Swiss economic policy, e.g. with regard to the pension system and healthcare. This is because convincing solutions in these areas make it possible for monetary policy to continue to take full effect. In addition to the economic function, the strong education system also has an eminent civic one, namely by providing the glue that holds the whole society together. First, a good allround education enables voters to form their own opinions about complex substantive issues. This is essential in order for the advantages of direct democracy to be fully realised. Second, an education system structured in a way to maximise labour market access for as many people as possible is a significant factor for integration. And third, owing to its high quality and flexibility, it prevents class mentality and elitism.