UBS has still not eliminated all shortcomings with its internal control system, which were made public during the subprime crisis last year, the Swiss government said.

Philipp Müller, a member of the Swiss parliament, asked the Swiss Federal Council 22 very detailed questions about UBS and Finma, the Swiss financial regulator.

As the Federal Council is working on an independent report about the role of Finma during the financial crisis, which will be published later this year, the Council only provided answers given by Finma itself.

The answers said that while there have not been actual complaints about UBS’s internal control system; however, in 2006, 2007 and 2008 some shortcomings within this system were detected. These problems have not been eliminated yet. Finma added that is monitoring the Swiss bank’s progress towards solving these issues.

“These aren’t good answers,” Mr Müller told WealthBriefing. He said that there is no point in asking critical questions about Finma and UBS if they are answered by the regulator itself. He is now awaiting the expert report, which will be published by the Federal Council. It is not clear yet when the report will be published.

At several points within his questions, Mr Müller asked if UBS could be accused of having lied to the financial regulators. While admitting that the answers UBS provided to the regulator during the subprime crisis where incomplete, Finma said that UBS did not lie, as the firm itself did not have any more complete information than that it provided at the time.

UBS said that it had nothing further to add to the Finma report, when contacted by WealthBriefing.