The Financial Conduct Authority (FCA) currently has Credit Suisse on a watchlist over concerns that the company has not done enough to improve its culture, governance and risk controls amid a series of scandals.
In a letter seen and reported on by the Financial Times, the FCA urged the investment bank's senior management to provide evidence of how it would go about preventing misconduct and improve its accountability. Also in the letter, sent last month, the FCA said that it had not yet seen "sufficient evidence of effective remediation" to address what it deemed "persistent" cultural issues, including a lack of internal challenges to risky transactions, and urged the bank to make the appropriate changes. The FCA further stated that it had concerns over whether Credit Suisse had adequately re...
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