Swiss Bankers Favour Integration Of Banking And Insurance Supervision

Ulrika Lomas, Tax-news.com, Brussels

05 February 2001

At the end of last year, Tax-news.com reported that plans were afoot to integrate banking and insurance supervision in Switzerland. Now the country's bankers have come out in support of a merger of the two regulatory bodies.

The proposal was first made in November after a group of experts, led by Professor Jean-Baptiste Zufferey, conducted an investigation and drew up a report on "Financial Market Supervision".

The Swiss Bankers Association (SBA) this week issued a statement saying that in principle it was in favour of a merger of the Federal Banking Commission and the Federal Office of Private Insurance because it would bring about, amongst other things, a more efficient flow of information.

The SBA said it also welcomed a recommendation that independent asset managers, introducing brokers, and foreign exchange dealers should be subject to the same kind of regulation as others operating in the financial services sector.

The SBA stated: 'The SBA thus supports the position of the Group of Experts that this combined supervision should take place under existing law; in other words, that it is not necessary to create a new and comprehensive financial services law. In general, the SBA is convinced that regulating those financial intermediaries who so far have not been subject to regulation can considerably strengthen the quality and reputation of the Swiss financial centre'.

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