The Swiss financial regulator, Finma, has come under criticism for its handling of the Credit Suisse crisis.
A parliamentary commission report highlighted a misstep in 2017 when Finma granted Credit Suisse relief from capital requirements, which obscured the bank's true financial state. The report placed primary blame on the leadership of Credit Suisse but also expressed regret over Finma's failure to address identified deficiencies.
The Swiss government is planning to introduce legislation to strengthen the financial sector, including extending Finma's powers and implementing a Senior Manager Regime. The collapse of Credit Suisse has prompted discussions about the adequacy of existing regulations and the need for more stringent oversight.
UBS has welcomed the report and supports most of the recommendations for enhancing regulatory oversight.
The lessons learned from the Credit Suisse crisis will likely shape the future of banking regulation in Switzerland. The focus will be on creating a regulatory environment that protects consumers and fosters sustainable growth in the banking industry.