Switzerland's financial watchdog, Finma, faced criticism for its failure to prevent the mismanagement of Credit Suisse, which nearly led to a global financial crisis in 2023. A commission of inquiry found that while Finma's actions helped avert disaster, it was "partially ineffective" and had granted excessive capital relief in previous years. The report emphasized the need for stricter regulations on systemically important banks, especially following the merger of Credit Suisse with UBS, raising concerns about the future stability of the Swiss financial system.
