Johanna Preisig leaves: Finma loses one of its board members

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Johanna Preisig has decided to reorient herself professionally outside Finma after working for the authority for almost a decade, according to a statement on Thursday. His successor will be notified.

Preisig has headed the “Strategic Foundations” department since March 2020. At Finma, this area includes the “Regulation”, “International”, “Legal and Compliance” departments, as well as the General Secretariat and Communications.

At the beginning of the month, Finma director Urban Angehrn announced his resignation at the end of the month. The previous evening, Tamedia newspapers had reported that other senior executives would follow suit and key supervisory executives would leave the country.

According to media reports, Finma Secretary General Edith Honegger and a senior employee working in international cooperation were certain to leave power. According to the news, based on sources close to the supervisory authority, it was said that other central employees will also leave Finma. This includes someone from management.

The regulatory authority has come under heavy fire due to the CS crisis and the eventual demise of the old traditional Swiss bank. Numerous complaints surfaced at Credit Suisse, which ultimately led to the collapse of the traditional bank.

The allegations against Finma were that the supervisory authority did not intervene early enough or assigned too few employees to monitor CS. Following the takeover of CS by UBS, the authority now wants to increase the resources previously available for the supervision of the two banks. He announced this to the AWP news agency: A total of 22 people will be given direct UBS supervision.

In general, Finma has been repeatedly criticized for its lack of authority to take action, as it cannot impose penalties. It can only confiscate profits, impose professional bans, and require organizational adjustments from financial institutions.

After an extremely stressful period, Angehrn justified withdrawing after almost two years due to health problems. A few days ago, Finma President Marlene Amstad, in an interview with the “Neue Zürcher Zeitung”, defended herself against claims that the departure of several management members was related to her leadership style. «Each of these cases had its own unique causes. “These types of changes are very unfortunate, but they happen.” Management is broad-based and the board works very well with them, she said.

(SDA)

Source :Blick