The FSA has fined Credit Suisse £5.6m for breaching FSA Principles 2 and 3 by failing to conduct its business with due skill, care and diligence and failing to organise and control its business effectively.
Credit Suisse announced its financial results for 2007 on 12 February 2008. However, on 19 February, it announced it had identified mis-marking and pricing errors by a small number of traders and that it was re-pricing certain asset backed securities. The re-pricing ultimately involved write-downs of $2.65bn. The breaches related to the pricing of certain asset-backed securities held by the Structured Credit Group (SCG) within Credit Suisse's Investment Banking Division. In breach of Principle 2, the subsidiaries failed to adequately supervise the business of the SCG and did not act in a...
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