FSA slams Credit Suisse with £5.6m fine

clock

The FSA has hit the UK operations of Credit Suisse with a £5.6m fine for controls and systems failings.

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) w...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Protection did not make the targeted support cut and rightly so

Protection did not make the targeted support cut and rightly so

Tony Mudd on saving for tomorrow and protecting today

Tony Müdd
clock 30 October 2025 • 3 min read
Junior minister reiterates no-change stance on APR and BPR proposals

Junior minister reiterates no-change stance on APR and BPR proposals

In response to MP’s ‘devastating consequences’ warning

Sahar Nazir
clock 30 October 2025 • 4 min read
Starmer rules out investigation into Reeves' rental 'mistake'

Starmer rules out investigation into Reeves' rental 'mistake'

Prime minister says probe ‘not necessary’ but pressure on

Jen Frost
clock 30 October 2025 • 2 min read