Swiss regulator tells UBS to strengthen its crisis plans

UBS must improve its emergency plans following its takeover of Credit Suisse to ensure the bank can be wound down or sold without risking financial stability and taxpayer cash, Swiss regulator FINMA said on Tuesday. +Get the most important news from Switzerland in your inbox FINMA said it had suspended the annual approval of UBS's recovery and emergency plans while Switzerland's last globally systemically important bank develops its approach as it integrates Credit Suisse. "Based on the experience of the Credit Suisse crisis, additional options for action are required to further strengthen crisis preparations and resolution planning for systemically important banks," FINMA said in a statement. + Why a monster UBS bank scares Switzerland UBS said it had already begun work on further developing its existing emergency plans "in a targeted manner". "As FINMA confirmed in its press release, UBS meets the current requirements to be resolvable in accordance with the preferred ...