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The management staff are running away from the Federal Financial Market Supervisory Authority Finma. The responsible Federal Councilor Karin Keller-Sutter says she is in contact with the authority’s administrative board.
The Federal Financial Market Supervisory Authority Finma is being shaken up considerably. The authority is losing a lot of cadre members. Most prominent departure: Director Urban Angehrn. He announced at the beginning of September that he would be leaving Finma at the end of the month. Management member Johanna Preissig – responsible for strategic fundamentals – also announced her resignation last week. Likewise the head of international affairs and the general secretary, who reported to Preissig, as well as a long-time media spokesman.
Finma itself reassures: every change has individual reasons, it writes upon request. The authority is not dependent on individual exponents. And further: “The functions can all be filled competently on an interim basis. The necessary subsequent recruitment is being undertaken.”
The UBS staff appears with a certain degree of self-confidence. This requires top staff on an equal level.
Peter V. Kunz, Professor of Business Law at the University of Bern, also believes that the staff departures can be absorbed. But Finma undoubtedly has a leadership problem. You now need a strong replacement for the outgoing director. The staff at the new superbank UBS appear with a certain degree of self-confidence: “You need top staff on an equal footing. And I don’t think that exists at this point.”
Too much “laissez-faire” in the Federal Council?
The business law expert also holds the Federal Council responsible. As an outsider, you get the impression that “there is a bit of a laissez-faire going on.” The government is called upon to take a look at the top personnel on the Finma board of directors.
Although Finma is an independent authority, it is affiliated with the Federal Department of Finance under the leadership of Federal Councilor Karin Keller-Sutter. Keller-Sutter now comments on the personnel castling for the first time to SRF. She couldn’t say anything about individual departures, but the Federal Council is committed to a “strong and independent financial market authority” and is therefore in contact with the board of directors. The role of Finma is also being examined in the ongoing investigations into the end of Credit Suisse.
The Federal Council is committed to a strong and independent financial market authority.
On the one hand, the Federal Council is having the events surrounding the bank’s demise examined and the too-big-to-fail regulations evaluated. On the other hand, a Parliamentary Commission of Inquiry (PUK) is investigating the role of various actors during the CS crisis.
The PUK results are expected over the next year. The personnel turbulence could increase the pressure on Finma. And – as the various departures suggest – it already seems to be high anyway.