Bankers support merger of financial regulatory bodies

The Swiss Bankers Association in Basel says it welcomes in principle a plan to integrate banking and insurance supervision in Switzerland.

The proposal was made last November by a group of experts, led by Jean-Baptiste Zufferey of Fribourg University. They were appointed by the government to draw up a report on “Financial Market Supervision”, which is now in an official consultation procedure.

In a statement on Wednesday, the Bankers Association said a merger of the Federal Banking Commission and the Federal Office of Private Insurance would lend itself to a more efficient flow of information, as well as other advantages.

The Association also said it welcomed a recommendation that independent asset managers, introducing brokers, and foreign exchange dealers should be subject to similar regulation and supervision as that which is force for other financial service providers.

The statement said the Association was convinced that regulating financial intermediaries who so far had not been subject to regulation could “considerably strengthen” the quality and reputation of the Swiss financial centre.

swissinfo with agencies