FINMA Outlines 2026 Supervision Priorities, Proportional Approach

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21 April 2026 Press release 2026

FINMA annual media conference 2026

At its annual media conference today, the Swiss Financial Market Supervisory Authority FINMA outlined the key areas of its supervision in 2025. It consistently implemented its proportional and risk-based supervisory approach, strengthened the resilience of the institutions under its supervision, and focused on the early detection of emerging risks among those institutions. In its review, it outlined how it protected Swiss financial market clients during the year. At today’s annual media conference, FINMA published its Annual Report for the year 2025. In addition, FINMA is providing statistics as well as data on enforcement cases on its website.

Stability in a challenging environment

FINMA looks back on another year marked by heightened financial and non-financial risks. The volatile environment continued to intensify, bringing with it macroeconomic and geopolitical tensions. FINMA therefore strengthened the resilience of the institutions under its supervision even further in 2025, and focused on the early detection of emerging risks at those institutions. To make its intensified supervisory activity even more effective and efficient, FINMA carried out an internal reorganisation in the spring of 2025.

Resilience and prevention: inspections carried out in a proportionate manner

During the year under review, FINMA identified systemic and operational risks to the financial centre and the institutions under its supervision through inspections, audits, stress tests and data surveys. In 2025, the supervisory authority conducted targeted on-site inspections: 113 at banks (42 at UBS alone), 43 at insurance companies, and 20 in the asset management sector. They are an important tool for identifying risks at an early stage. In line with the proportional supervisory approach, on-site reviews were mostly held at institutions in supervisory categories 1 to 3. The supervision of smaller institutions or those with a demonstrably lower risk was primarily data-driven, with less extensive reporting requirements and only occasional, targeted on-site inspections. FINMA also carried out stress tests; it conducted its own liquidity stress tests at Swiss investment funds for the first time. In addition, it continued to push ahead with data-driven, forward-looking supervision. It took action where the stress tests conducted in 2025 produced unsatisfactory results.

Resilience and prevention: inspections carried out in a proportionate manner

During the year under review, FINMA identified systemic and operational risks to the financial centre and the institutions under its supervision through inspections, audits, stress tests and data surveys. In 2025, the supervisory authority conducted targeted on-site inspections: 113 at banks (42 at UBS alone), 43 at insurance companies, and 20 in the asset management sector. They are an important tool for identifying risks at an early stage. In line with the proportional supervisory approach, on-site reviews were mostly held at institutions in supervisory categories 1 to 3. The supervision of smaller institutions or those with a demonstrably lower risk was primarily data-driven, with less extensive reporting requirements and only occasional, targeted on-site inspections. FINMA also carried out stress tests; it conducted its own liquidity stress tests at Swiss investment funds for the first time. In addition, it continued to push ahead with data-driven, forward-looking supervision. It took action where the stress tests conducted in 2025 produced unsatisfactory results.

FINMA carried out an increasing number of targeted supervisory activities directly at the banks (deep dives). The key topics covered included corporate governance, risk management, risk culture, and a deeper understanding of business models. FINMA identified some serious deficiencies in the course of its ongoing supervision. It called on the banks concerned to remedy the shortcomings without delay. As a result, FINMA imposed an institution-specific capital add-on in 14 cases and a restriction on business activity and a ban on takeovers in 7 cases, among other things. Enforcement proceedings were launched in 15 cases.

During the year under review, FINMA also conducted capital planning dialogues tailored to the size and risk profile of each institution. Systemically important banks were required to demonstrate, by applying specified stress scenarios, how they would mitigate negative developments in their capital adequacy in a simulated crisis situation. In the area of liquidity, FINMA assessed whether they were able to meet the additional institution-specific requirements that came into effect at the start of 2025. And it assessed the emergency and recovery plans of the systemically important banks. Insurance groups were required to submit their recovery plans for the first time in 2025; these will be assessed in 2026.

Cyber and outsourcing risks

In the area of non-financial risks, cyber risks were once again a principal risk. In nearly half of the cyberattacks reported to FINMA by supervised institutions in 2025, service providers and outsourcing partners were targeted, with direct consequences for the supervised institutions. FINMA requires the supervised institutions to have robust crisis scenarios for information and communications technology, as well as adequate cyber defences. It also carried out specific on-site inspections at outsourcing partners to gain an understanding of their supply chain management. During the year under review, it became apparent that, in the case of some supervised institutions, outsourced functions were not always being adequately captured, documented and monitored.

Robust supervision to protect clients

FINMA’s supervisory work was effective in protecting investors, creditors and policyholders in 2025. In the supplementary health insurance sector, FINMA ensured that there were only moderate premium adjustments and, in several cases, premium reductions. In the cantons of Geneva and Vaud in particular, FINMA was able to put a stop to the continued use of non-transparent billing practices by clinics and doctors, thereby protecting policyholders from excessive bills in future. In the area of asset management, FINMA placed a growing number of portfolio managers under intensive supervision in 2025 owing to various deficiencies, often relating to compliance with conduct rules on suitability. As part of its efforts to combat greenwashing, FINMA also worked to ensure that investors were not misled.

In response to the increased requirements for client protection in the area of intermediary supervision, FINMA provided information on the requirements that have applied to insurance intermediaries since 2024. In the year under review, FINMA refused numerous applications for registration from unqualified intermediaries. It also received hundreds of reports of potential misconduct, such as cases of incorrect advice, launched further investigations in 271 cases, and removed various intermediaries from the public register.

FINMA is open to innovation. It licensed Switzerland’s first DLT trading facility in the year under review. At the same time, it prevents abusive practices. FINMA sought to protect clients in relation to the purchase, trading and transfer of cryptocurrencies. Accordingly, it supported the envisaged amendment of the law to guarantee effective protection for creditors and investors. It also sought to ensure that FINMA-supervised institutions offering such crypto services appropriately identify and mitigate the associated operational risks, in particular those associated with the custody of cryptobased assets.

55 concluded proceedings – no active communication possible

Where supervised institutions committed serious breaches of the rules, FINMA intervened decisively to protect investors, creditors and policyholders. During the year under review, FINMA concluded 55 enforcement proceedings across various supervisory areas and categories of institutions. In these cases, the currently very strict statutory requirements for active communication were not met, or FINMA was prevented by a court order from communicating. FINMA also took targeted action against unauthorised financial market activities. Based on information from the public, authorities and its supervisory activities, it opened around 450 investigations into potentially unauthorised companies and individuals. It also made over 300 entries on its warning list, warning investors of potentially unauthorised financial market providers. This is a record high.

Growth due to additional tasks and risks

In 2025, FINMA reinforced its intensified and forward-looking supervision of the financial market, which led to an increase in staff resources. The pace and scale of growth stem from new tasks, new topics, and new ways of working. Since 2024, FINMA has been supervising approximately 10,000 insurance intermediaries, and risks are increasing or becoming more pronounced. In addition, FINMA will conduct more of its own inspections while reducing its reliance on external auditors and deploying them in a more risk-based manner. The average number of permanent full-time equivalents (FTEs) in the year under review was 617 (2024: 554). FINMA’s permanent staff will continue to number in the hundreds in the long term. At the same time, the authority aims to become even more proportionate, efficient, and digitally oriented. “Our focus is on supervision that is even more effective, proportionate and forward-looking. It ensures more resilient institutions, promotes responsible innovation and makes an important contribution to the competitiveness and good reputation of the Swiss financial centre,” said FINMA CEO Stefan Walter at the annual media conference.

The new responsibilities and issues, as well as implementing the lessons learned from the CS crisis, led to an increase in FINMA’s workload. This is reflected in the operating costs. At CHF 172 million (2024: 154), they were CHF 18 million higher in 2025 than in the previous year. The total costs were covered by income from supervisory fees and levies. FINMA is not funded by taxpayers’ money.

Outlook

FINMA uses its powers to apply and enforce regulation in a proportionate and risk-based manner. The smaller the institution and the lower the risks, the less intensive the supervision. It will continue to exercise its discretion where appropriate. Only using various tools in combination offers the best – albeit never absolute – protection against risks, which are currently on the rise again. In around 90% of enforcement investigations, FINMA restores compliance with the law within around three months. However, in the remaining 10% or so, the process takes longer, and FINMA reaches the limits of its legal possibilities with its current tools. For these cases, new legal powers are needed, such as an accountability regime, the authority to impose fines, the ability to communicate more actively with the public about concluded proceedings and the power to intervene at an early stage.

For three years, FINMA has been advocating – both publicly and through its regulatory work at federal level – for the strengthening of its statutory instruments, as included and recommended in both the Federal Council’s TBTF report and the Parliamentary Investigation Committee (PInC) report. “Through targeted legislative changes aimed at strengthening prevention and the use of innovative technologies, we are well placed to effectively meet future challenges”, emphasised FINMA’s Chair Marlene Amstad at the annual media conference.

Contact

Patrizia Bickel
Head of External Communications
Phone +41 (0)31 327 93 19
patrizia.bickel@finma.ch

Press release FINMA annual media conference 2026

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Focus on prevention and technology as key factors shaping the future FINMA Annual Media Conference, 21 April 2026 Marlene Amstad, Chair of FINMA’s Board of Directors

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FINMA’s supervision in 2025: resilience, client protection and conducting business with integrity FINMA Annual Media Conference, 21 April 2026 Stefan Walter, FINMA CEO

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