The Swiss financial regulator, FINMA, is facing criticism and calls for stronger oversight in the aftermath of the Credit Suisse crisis. The regulator is set to release a comprehensive report on the lessons learned, but there are concerns that the focus will be on FINMA itself rather than on Credit Suisse. Since the forced sale of Credit Suisse to UBS, FINMA has experienced turmoil, including the resignation of its former director. Currently, the regulator is being led on an interim basis with no successor in sight.
Reports suggest that the difficult working relationship between the interim leader and FINMA President Marlene Amstad may have contributed to the former director’s resignation. Amstad has been criticized for seeking the limelight, having a brusque manner, and engaging in micromanagement. These criticisms have raised doubts about the stability of the financial sector oversight, leaving FINMA weakened at the end of a challenging year.
Interestingly, UBS, the largest bank in Switzerland, has called for stronger regulation and additional powers for FINMA. UBS CEO Sergio Ermotti has suggested that Switzerland should consider explicit responsibilities for the management of financial service providers, similar to the approach taken by the UK. This show of support for FINMA and its president, Amstad, is noteworthy and may prompt reflection within UBS.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | Finma, Ems-Chemie, CS, UBS, NZZ |
| Currencies | None |
| Securities | None |
