Head of Swiss financial watchdog wants more support from politicians

In the wake of the collapse of Swiss bank Credit Suisse, Stefan Walter, director of the Swiss Financial Market Supervisory Authority (FINMA), continues to insist on more expertise and more staff for the banking supervisory authority. +Get the most important news from Switzerland in your inbox He is counting on parliament to authorise new funds, he said in an interview with the Tamedia newspapers on Monday. For example, he is once again calling for the possibility of penalising managers at fault and naming banks that are the subject of public proceedings. “You don’t just have to look at the Credit Suisse crisis. These possibilities are simply standard abroad,” Walter said. “All the authorities I have worked for have these tools. We must be able to do everything that has a preventative effect.” + Who’s to blame for the demise of Credit Suisse? FINMA needs at least the authority to impose fines at the level of the banking institution, he said. Fines also have a preventative effect.