BERN (Reuters) – Switzerland’s financial regulator FINMA called for more power to penalise and name and shame banks that break the rules, following the collapse of the country’s second-biggest bank, Credit Suisse.
“Our instruments hit their limits in extreme cases as seen in the case of Credit Suisse,” FINMA president Marlene Amstad told journalists. Amstad said it would be worth building these powers.
“FINMA has no power to fine,” she said, adding that she would welcome such a power. “It’s an exception when compared with other regulators.”
She said that most of the regulator’s probes into banks had to remain secret to protect stability, adding that this should change.
(Reporting By John O’Donnell; Editing by Tomasz Janowski)
