Landmark parliamentary report also takes aim at financial watchdog
Swiss lawmakers have put Credit Suisse’s failure down to “years of mismanagement” by its leaders and criticised the country’s financial regulator Finma for granting it relief from capital requirements in the years before its collapse. The landmark political inquiry, only the fifth in Switzerland’s history, stopped short of apportioning blame to regulators for the failure of one of its largest banks.
It also said that the country’s “too big to fail” legislation for lenders focused too much on Switzerland, was not designed for a crisis of confidence, and neglected important market indicators. Since Credit Suisse’s demise, the Swiss government and Finma have been weighing a range of measures to improve stability in the Swiss financial system, whose reputation was hit by the failure of the 167-year-old lender.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Swiss Lawmakers Blame 'Mismanagement' for Credit Suisse's CollapseA Swiss parliamentary inquiry concluded that Credit Suisse's failure was due to years of mismanagement and relied heavily on regulatory concessions. It praised authorities for averting a global financial crisis through the bank's sale to UBS.
Read more »
AllianceBernstein to sue Switzerland over $17bn Credit Suisse debt wipeoutUS asset manager will join case over decision when UBS took over struggling rival
Read more »
No Credit Check Retail Business Helps Those with Poor Credit HistoryAndy Perry's 'Trust Shopping' in Wolverhampton offers mobile phones and catalogue shopping without credit checks, focusing on building trust with customers by requiring upfront payments.
Read more »
40 Years of 'Last Christmas': A Heartfelt Reunion in the Swiss AlpsAndrew Ridgeley and other original members of Wham! reunited in the Swiss Alpine village where the iconic 'Last Christmas' video was filmed, marking 40 years of the song's legacy and paying tribute to George Michael.
Read more »
People born in these years to lose PIP and Universal Credit in DWP overhaulThe Department for Work and Pensions (DWP) overhaul of benefits rules for young people born in these years is looming
Read more »
DWP might scrap PIP and Universal Credit for people born in certain yearsThe DWP is said to be considering scrapping Universal Credit and Personal Independence Payment (PIP) for people born in particular years in order to introduce a new jobs programme
Read more »