Finma 2023 with higher operating expenses
Published: Wednesday, Mar 20th 2024, 11:01
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The Swiss Financial Market Supervisory Authority FINMA once again increased the number of jobs and operating expenses last year. It justifies this with increased demands on supervisory activities, not least due to the Credit Suisse crisis, but also with additional tasks.
The average number of full-time positions at FINMA was 583, compared to 539 in the previous year, according to the supervisory authority's annual report published on Wednesday. Operating expenses increased by CHF 9 million to CHF 142 million compared to the previous year. The supervisory authority's total expenditure was covered by fee income and supervisory levies.
In addition to the effects of the CS crisis, the increase in operating costs was due to the new legal tasks arising from the implementation of the Financial Market Infrastructure Act (FinIA) and the Financial Market Services Act (FinSA) as well as the revision of the Insurance Supervision Act (ISA). Finma also had to deal with new supervisory topics such as sustainability, cyber security and fintech.
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