Finma probes Zurich Insurance's controls over Swiss pension fund Vita

Switzerland’s financial regulator Finma has opened an enforcement investigation into Zurich Insurance after media reports flagged possible deficiencies in the insurer’s internal control system for its occupational‑pension business linked to the collective foundation Vita. The probe focuses on whether Zurich ensures market‑appropriate fees for administration and re‑insurance costs and avoids cross‑subsidisation or conflicts of interest.

Finma has engaged the consulting firm Deloitte as an external investigator, while Zurich has retained the law firm Homburger. The investigation has already led to personnel changes, including the departure of former Swiss head Juan Beer. According to the source, the Vita foundation – serving about 27,000 companies and 150,000 insured members and managing more than CHF 22 billion – plans to shift to a fully autonomous model in 2028, taking on disability and death risks while Zurich continues to provide administrative services.