The importance of Switzerland as a banking centre came under scrutiny this week when Union Bank of Switzerland, the world’s biggest wealth manager, revealed that it had suffered large net outflows of money in the second quarter.

Once, wealthy types in London, New York and Monaco looking to manage their affairs discreetly turned to Swiss banks as the country’s laws forbade bankers from releasing confidential financial information about clients. But advisers say that is changing as regulators around the globe increase transparency requirements for both onshore and offshore accounts. Recent reports that UBS is being investigated for allegedly aiding US citizens to evade taxes have revived criticism of Swiss banking secrecy practices in both the US and the UK.