Credit Suisse fined £6m by FSA
City watchdog, the Financial Services Authority has fined The UK arm of Credit Suisse £5.95m for failing to reveal the risks to customers when selling some of the private banks financial products. Its private bank was criticised by the Financial Services Authority for its systems and controls of structured capital surrounding its Scarps product. The bank said it deeply regretted the faults and these had now been corrected.
The FSA said that not enough attention had been paid by the bank to assessing customers' attitudes to risk. In response Credit Suisse said it "deeply regretted" the failings of systems and controls. "We fully co-operated with the FSA and are pleased to put this matter behind us."
Credit Suisse was also fined £5.6m in 2008 for failing to conduct business with due skill, care and diligence.