Davos 2023: UBS head says regulators’ ‘eyes off the ball’ on non-banks

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Reuters UK

LONDON (Reuters) – UBS Chairman Colm Kelleher said traditional finance firms were “systemically safe” after years of increased regulation, but guardians of global financial markets had further to go to eradicate the risks posed by the non-banking sector. “Regulators have – with respect – taken their eyes off the ball in terms of the non-banking sector,” the chairman of Switzerland’s largest bank said during a panel discussion at the World Economic Forum in Davos, referring to a category of loosely supervised finance firms. “Banks and insurance companies are well regulated. They’re systemically…

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