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Switzerland: Financial regs vow to tackle people, not just corporations

 |  October 30, 2014

Swiss authorities have vowed to sanction individuals found to have participated in financial misconduct, declaring a new trend away from what they describe is a historical “reluctance” to crack down on individuals as well as corporations.

The Swiss Financial Market Supervisory Authority said Thursday declared a renewed fight against illegal behavior in the financial industry and the people involved. The announcement was made in a speech by Finma head Mark Branson.

The remarks come as Finma and financial regulators across the globe continue their investigations into currency benchmark-rigging, a worldwide scandal that caused the Swiss Competition Commission to also investigate top banks and their alleged roles in the scheme.

Among the banks being investigated is Credit Suisse Group and UBS.

Full content: Bloomberg

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