Switzerland's financial regulator was ineffective in tackling the scandals at Credit Suisse, where executive mismanagement scuppered the bank and nearly triggered a global financial crisis, a Swiss inquiry concluded Friday.

The Swiss parliament heavily criticized the previous leadership of Switzerland’s financial regulator Finma in a landmark inquiry into last year’s collapse of Credit Suisse.

Switzerland on Friday published a long-awaited parliamentary report into last year's collapse of Credit Suisse, an event that called into question the country's reputation for financial stability and prompted far-reaching questions about what went wrong.