Preliminary Report Reveals Regulatory Failings in Credit Suisse Collapse 🏦

Preliminary findings in an eagerly awaited parliamentary report into the 2023 collapse of Credit Suisse have identified serious failings by Swiss regulatory authorities leading up to the bank’s demise, a Swiss newspaper reported on Sunday. The report criticized financial market regulator FINMA, the Swiss National Bank (SNB), and the finance ministry for failing to prevent the bank crash. Isabelle Chassot, head of the parliamentary committee, stated that no conclusions had been drawn yet. However, the report, expected later this year, indicates FINMA hesitated to act despite evident issues at Credit Suisse. After problems mounted in 2022, Credit Suisse collapsed in March 2023 and was taken over by UBS. FINMA and the SNB did not immediately respond to requests for comment. The finance ministry also declined to comment.