Swiss regulator seeks more tools to hunt down bad bankers

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© Reuters. File photo: The logo of the Swiss bank Credit Suisse was seen in a branch in Zurich, Switzerland, on November 3, 2021. The photo was taken on November 3, 2021. REUTERS/Arnd WIegmann/File Photo

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Zurich (Reuters)-After a series of scandals tarnished the industry’s international reputation, the chairman of the Swiss financial regulator called for more powers to punish willful bankers.

Marlene Amstad, chairman of the board of the Swiss Financial Market Supervisory Authority (FINMA), told the SonntagsZeitung newspaper that the agency welcomes new tools to hold bankers accountable for their mistakes.

She said in an interview that although FINMA can now exempt bankers from committing serious mistakes, it lacks the kind of broader toolkit that the UK has in the senior manager system.

“We cannot introduce such tools ourselves. The legislature must do so. At present, there are some political initiatives that address the need to take action in this area. We are interested in having as complete a toolbox as possible, and fundamentally , An effective instrument,” she said.

angry Credit Suisse (6:) In particular, it prompted Switzerland to rethink a system that is largely out of reach of top bankers, Reuters reports https://www.reuters.com/business/finance/credit-suisse-scandals-prompt-switzerland -think- the incredible punishment banker-2021-05-28 in May.

Credit Suisse was hit hard by the collapse of the family office Archegos and the massive losses of billions of customer investments backed by the bankrupt British financier Greensail, which angered regulators and sparked a lawsuit among lawmakers about fines for bankers Rare discussion.

On other issues, Amstad said that due to the divergence of hot real estate prices and economic fundamentals, the mortgage market risk has risen, but she said that whether to re-implement the government’s suspended countercyclical capital buffer is up to FINMA. Pandemic.

“If a bank takes too much risk when issuing a mortgage, what we can do is ask individual banks to charge a risk surcharge. We often use this tool, including recently,” she said, but did not provide more details.

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