Swiss lawmakers called for stricter oversight of the financial sector after investigating the collapse of Credit Suisse, casting an unflattering light on authorities while pinning the blame on the bank's implosion primarily on its managers.

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'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.