Market developments
The financial markets were shaped by uncertainties in connection with US customs policy in 2025. At the same time, ongoing geopolitical tensions remained high. Inflation eased, and central banks in the major developed economies lowered their key interest rates.

Market developments among banks and securities firms The situation among institutions supervised by FINMA remained stable in 2025 despite the challenges. In this uncertain environment, FINMA increased the intensity of its supervision, thereby strengthening the stability of the financial market. It supervised financial market participants on a risk-oriented and proportionate basis.

Market developments among insurers The insurance market in 2025 was shaped by two major events: the rockfall in Blatten and the merger of Baloise Holding Ltd with Helvetia Holding Ltd.

Market developments in the asset management industry Among the authorised institutions in asset management, the largest group thereof, managers of collective assets, grew again.
FINMA’s core tasks
Measures for promoting stability A well-functioning financial market is vital to the growth of the entire Swiss economy. As part of its supervisory activity, FINMA takes specific, risk-based and proportionate measures to support the stability of financial market participants.

Measures for promoting good governance FINMA promotes the good governance of supervised institutions through targeted measures. Sound business conduct and responsible governance build trust in the financial centre and mitigate risks.

FINMA’s digital strategy, data-driven supervision and digitalisation in the financial sector FINMA uses technology-supported, data-driven applications in its supervisory activities and is increasing its efficiency by digitalising processes. It actively addresses new developments in the financial market and assesses innovative business models in a risk-based and technology-neutral manner.

Supervisory activity by sector FINMA’s level of supervision is most intensive wherever risks for the financial centre are greatest. Its Banks, Insurance, and Asset Management and Markets divisions are responsible, in cooperation with the Integrated Risk Expertise division, for supervising the corresponding market sectors. Key supervisory tools include on-site inspections, stress tests, specific surveys and supervisory exchanges up to the highest level.

Recovery and resolution FINMA reviews the systemically important banks’ recovery and emergency plans every year and requires them to make improvements where necessary. The revised insurance supervision legislation also obliges some insurers to submit recovery plans. FINMA will formally assess these, starting from the 2026 submissions. Furthermore, FINMA assesses the recovery planning for systemically important financial market infrastructures. These activities make an important contribution to financial stability.

Enforcement As part of its enforcement activities, FINMA enforces both the rules of business conduct and the prudential rules at supervised institutions. It takes action against entities operating on the financial market without the necessary licence.

Regulation FINMA regulates only when necessary to meet its supervisory goals. In 2025, it was once again committed to principles-based and proportional regulation on the basis of a robust regulatory process.

International affairs Internationally binding standards are of great importance for Switzerland as an export-oriented financial centre. In 2025, FINMA represented Swiss interests in international fora in coordination with the Federal Department of Finance, playing a central role in reviews of Switzerland’s compliance with international standards.
Authority
FINMA’s mandate FINMA is an independent supervisory authority with the legal mandate to protect clients and ensure the proper functioning of the financial markets. It thus contributes to enhancing the reputation, competitiveness and future sustainability of the Swiss financial centre.

FINMA adopts new structure FINMA adapted its organisational structure in the year under review in order to fulfil its mandate to protect financial market clients and ensure the proper functioning of the financial markets even more effectively.

FINMA in dialogue FINMA communicates with its stakeholder groups in an open and transparent manner. It informs market participants, provides politicians with information about its supervisory and regulatory activities, engages in dialogue with interest groups and establishes transparency vis-à-vis the public about its activities.

Audits on behalf of FINMA FINMA draws on the support of third parties in all aspects of its supervisory work. When awarding mandates, its key focus is on the effectiveness and efficiency of the audit firms and mandataries.

Board of Directors and Executive Board FINMA is an independent public law institution with its own legal personality. The Board of Directors is responsible for the strategic management of FINMA, while the Executive Board is responsible for day-to-day operations.

Staff FINMA is committed to a sustainable personnel policy with an emphasis on cost-effectiveness, transparency and a long-term approach. 2025 saw FINMA expand its capacities, in particular with a view to carrying out more of its own on-site inspections and in-depth risk analysis.

Operations As an organisation, FINMA takes a holistic approach to cyber security, whereby employees are made aware of these risks and play a key role. Further progress was made in sustainability and operational environmental management.
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