Retrocessions or kick-backs are refunds, provisions, discounts, commissions, other monetary or non-monetary benefits (e.g. non-monetary benefits, services such as soft commissions) that a bank, financial advisor or financial intermediary receives from a third party in connection with the execution of client mandates. They are received on a one-off or recurring basis in the custody, trading, product sales, distribution and acquisition business. Retrocessions are common in the financial industry and are usually not visible to the client.

Since the decision of the Swiss Federal Supreme Court in March 2006, the question of who is legally entitled to retrocessions (in the above sense) has been the subject of controversial debate: The Federal Supreme Court ruled that in a contractual relationship, the client is entitled to such third-party benefits unless the client has waived their onward transfer to him or her in writing and with knowledge of their existence and amount. This is based on Art. 400 para. 1 CO, which states that a contractor may only be compensated for his work for the client by the client and not by third parties. Otherwise, the contractor is exposed to a conflict of interest that is contrary to the fiduciary relationship under contract law.