UBS Faces Urgent Call for Crisis Plan Overhaul

Swiss financial regulator FINMA has urged UBS to enhance its emergency measures to improve readiness in potential insolvency scenarios. The annual evaluation of UBS's crisis plans has been paused amidst a strategic review, drawing lessons from the Credit Suisse crisis to bolster financial stability.

The Swiss financial markets regulator, FINMA, has called upon UBS to reassess and bolster its emergency plans to widen available options should the bank face insolvency risks.

Efforts to enhance UBS's response strategies have led FINMA to suspend its annual evaluation of the bank's crisis measures as UBS, the last globally systemically important bank in Switzerland, revisits its approach.

Drawing from the Credit Suisse crisis experience, FINMA emphasizes the need for additional crisis management alternatives to enhance preparatory and resolution strategies for systemically significant banks, according to a recent statement.

(With inputs from agencies.)