Swiss bankers demand more support from the government to strenghthen the domestic financial market at times of increased regulatory changes affecting global banking.

Patrick Odier (picture) and Claude-Alain Margelisch, president and chief executive of the Swiss Bankers Association, used this year's Bankers Day to press home the message by the financial industry that the government in Bern needs to act swiftly to improve the conditions for the companies, which in turn were fulfilling their obligations to customers, industry and the entire economy.

«In recent years, the importance of the financial center has often been forgotten – it is to the Swiss economy what oxygen is to the human body – necessary for existence,» said Odier. The banking sector expects the government and the authorities to provide urgently needed support in the creation of the best possible legal, fiscal and regulatory framework conditions, the association said in a statement.

Brunetti Recommendations

The recommendations of the group of experts led by Aymo Brunetti had to be implemented swiftly. The group demanded for instance an earlier anticipation of regulatory developments abroad.

Margelisch specified that Switzerland was lagging the international developments, which meant that new regulation repeatedly had to be adapted to international changes shortly after introduction.

The federal authorities should coordinate their activities with foreign regulators and financial markets and include the local banks as early as possible into their new projects.

Supervision for Regulatory Procedures

The regulatory procedures in Bern should be critically analysed, Margelisch said, ensuring that the methodology was systematic and clean. The association proposed the installation of an independent body to supervise the regulation of the financial market.

At the top of the banks' wish list is still the free access to the market in the European Union: «Access to the European market must now in a first, urgent step, be improved through bilateral negotiations with key countries,» the association said in the statement. «At the same time, Switzerland must commit to achieving improvements through the recognition of equivalence for technical dossiers and differentiation at the domestic level.»

Swiss Banks Are Innovative

Should the open issues with the EU not be resolved, there's a risk that a substantial share of value creation and jobs will be relocated to countries abroad, Odier said. He was also keen to stress that it wasn't only on the Swiss financial market to apply international standards in tax issues.

The Swiss banks were doing their part in improving competitiveness in the financial market, Odier stressed. He mentioned the strenghthening of asset management, installing a hub for the Chinese currency renminbi and the promotion of a framework for a digital ecosystem as examples.

The banks don't seem to see the same enthusiasm for innovation in Bern. Margelisch said it was Bern who carried the political responsibility for Switzerland actions, not the banks.