2023-12-30 11:57:46
The doctor in economics who has been at the head of the financial regulator since 2021 also suggested that bonuses and other variable remuneration be more linked to the commercial results of banks and the ability of these establishments to manage risk in the long term.
A muzzling of Finma’s communication
Marlene Amstad also deplored that the law prohibits Finma from communicating on a large number of measures it takes, thus making them invisible to the general public. “We have teeth and we use them, but we should also be able to show them,” she said, emphasizing that Switzerland is an exception in this regard in international comparison.
Elected officials and representatives of the banking sector are in discussions to give Finma more means to act after the collapse of Credit Suisse and its rescue through its takeover by UBS. They want to avoid other crises in the future.
On December 15, 2023: The winners of the fall of Credit Suisse
The wish to be able to impose fines
The financial markets policeman would like to be able to impose fines. It would also like to strengthen its repressive arsenal, with the introduction of a special regime for management and the board of directors within the framework of which the responsibility of managers would be more broadly defined.
Finma strongly criticized the CS bonus policy in a report published after its takeover. The executives of the bank with two veils received high remuneration even in bad years, noted the supervisory authority. “Non-financial objectives”, like the behavior of managers, did not play a big role in the calculation of bonuses to the extent that they brought money into the coffers, Finma criticized at the time.
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