FSA slams Credit Suisse with £5.6m fine

It found Credit Suisse in breach of FSA Principles 2 and 3 by failing to conduct its business with due skill, care and diligence and failing to organise and control business effectively. Following the announcement of its financial results for 2007 in February 2008, Credit Suisse said it had identified mismarking and pricing errors by a small number of traders and it was repricing certain asset-backed securities. The re-pricing involved a write down of revenues by $2.65bn. The breaches related to the pricing of certain asset-backed securities held by the Structured Credit Group (SCG) wit...