FINMA’s head, Urban Angehrn, has resigned due to health reasons, six months after being criticized for failing to prevent Credit Suisse’s collapse.

Angehrn, who led the authority since November 2021, resigned for health reasons.

FINMA has been criticized for failing to stop Credit Suisse’s recent crises sooner or better, and local media alleged that FINMA was too cautious around Switzerland’s large banks.

Angehrn argued that FINMA needed broader powers, such as the capacity to impose sanctions and fines, and that companies should clearly allocate responsibility to management bodies.