View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
October 25, 2011

WBrief: Credit Suisse fined £6m over systems failings

By Spear's

The Financial Services Authority, the UK regulator, today said it has fined Credit Suisse (UK) £5.95 million ($9.5 million) for “systems and control failings” at the private banking arm, confirming months of speculation that the Swiss firm was to be hit with a big fine

The Financial Services Authority, the UK regulator, today said it has fined Credit Suisse (UK) £5.95 million ($9.5 million) for “systems and control failings” at the private banking arm, confirming months of speculation that the Swiss firm was to be hit with a big fine.

The failings related to “sales by its private bank of structured capital at risk products (SCARPs)”, the FSA said in a statement.

For months, this publication, along with many other media groups, had been aware that Credit Suisse was the subject of a major FSA investigation and that some form of severe punishment, including a large fine, was due. However, the bank and the regulator repeatedly declined to comment on the matter when questioned by WealthBriefing.

IN a statement today, Credit Suisse said: “We deeply regret the failings of systems and controls in the period 2007 – 2009 around the provision of advice to UK private banking clients on structured capital at risk products. We have made significant improvements to our processes and controls since 2009 and we are confident that we currently comply with our regulatory obligations. We fully cooperated with the FSA and are pleased to put this matter behind us.”

In its statement, the FSA said that SCARPs are “complex financial products that provide income to customers but also expose them to the risk that they lose all or part of their initial capital”.

To read the full story, visit wealthbriefing.com

Content from our partners
HSBC Global Private Banking: Revisiting your wealth plan as uncertainty abounds
Proposed non-dom changes put HNW global mobility in the spotlight
Meet the females leading in the FTSE

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network