AppId is over the quota
AppId is over the quota
By Luke Jeffs and Kirstin Ridley
LONDON | Tue Oct 25, 2011 10:56am BST
LONDON (Reuters) - Credit Suisse has been fined 5.95 million pounds by the Financial Services Authority for system failures in its private bank, the second time it has fallen foul of the regulator in less than two years.
The FSA said in an emailed statement on Tuesday it had fined Credit Suisse for "systems and control failings in relation to sales by its private bank of structured capital at risk products (SCARPs)".
"Credit Suisse UK's systems were not up to the level we, and their customers, are entitled to expect," said Tracey McDermott, acting director of enforcement and financial crime at the FSA.
The fine was announced just four months after the British regulator sent a 'Dear CEO' letter to leaders in the wealth management industry warning them that system improvements were needed.
The FSA said concerns were initally identified during a supervisory visit to Credit Suisse UK but the firm "has enhanced the systems and controls in place" since the discovery of the failings.
The regulator also said Credit Suisse had been granted a 30 percent discount on the fine in return for its agreement to settle early.
"We have seen all too frequently the consequences of financial services firms failing to implement proper systems and controls to ensure their customers invest in suitable products," said McDermott.
Credit Suisse was fined 1.75 million pounds by the FSA in April last year for not having adequate systems and controls in place to meet its transaction reporting obligations.
(Editing by Will Waterman)
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