Swiss financial market watchdog FINMA has revamped its organizational structure
with immediate effect, the regulator said on Tu
esday, as it gears up for future challenges including supervision of the enlarged UBS.
Switzerland has pledged to step up regulation of the banking sector since UB
S bought Credit Suisse in an emergency takeover in 2023 when its old rival collapsed.
A parliamentary investig
ation in December cast an unflattering light on the regulator, which plans to int
roduce a new cross-divi
sional function for integrated risk expertise to work on topics like liquidity and capital.
Meanwhile, a newly created FINMA Chief Risk Officer function will coordina
te risk management processes in the business divisions, FINMA said in a statement.
The new structure would “support more intensified, direct supervision, in
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particular by allowing the authority to carry out more of its own on-site supervisory reviews,” FINMA said.
CEO Stefan Walter said the revamp promoted FINMA’s goal of preventive
supervision, adding the regulator would continue to monitor institutions “in
a risk-based and proportionate manner.”
Walter, who joined FINMA in April 2024, has taken a hands-on appro
ch to bank regulation and called for stronger powers for his agency.
FINMA Director Marlene Amstad said that by adapting its structure, FINM
A was addressing future challenges.
“These include not only new realities in the banking sector, but also challe
nges for the entire Swiss financial center such as non-financial risks and conduct i
ssues, money laundering and cybercrime,” Amstad said.
The regulator also said Birgit Rutishauser, deputy CEO and head of the insura
nce division, would step down by April 30 to embark on a new career. Her move was independent of the organizational changes, FINMA said.
(Reporting by Ariane Luthi; editing by Sonali Paul, Kirsten Donovan)
