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UK’s FCA puts Credit Suisse on watch list that needs closer scrutiny -FT According to Reuters


© Reuters. FILE PHOTO: A logo is printed with Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS / Denis Balibouse / File Photo

(Reuters) – The UK’s Financial Conduct Authority has put Credit Suisse on a watch list of institutions that need more scrutiny, the Financial Times reported late on Sunday, citing a letter obtained by Reuters. sent in May.

Last month, the regulator told the Swiss bank the step was taken over concerns the bank had not made enough improvements to its culture, governance and risk control, reports said.

The bank’s addition to its watch list, which includes 20 institutions at once out of some 60,000 FCA watchdogs, shows the regulator has serious concerns, the FT said, quote someone familiar with the workings of lists.

Last year, Credit Suisse was fined about $475 million by the US Securities and Exchange Commission and the FCA to settle allegations of bribery and fraud related to a $2 billion corruption scandal in Mozambique.

The FCA has also asked senior Credit Suisse executives to provide evidence of steps the bank will take to prevent cases of misconduct and improve accountability, the paper said. .

In a letter in May, the FCA said it had asked the lender to conduct a review in the second half of the year on the effectiveness of its board, risk committee and international audit. The FCA issued these review requests after consulting with Swiss regulator Finma, according to the report.

In the letter, the regulator said it was also concerned about whether the bank had adequately reported rules of conduct breached over a number of years, the FT report added.

Credit Suisse suffered a loss of 1.6 billion Swiss francs ($1.62 billion) last year as it was hit by the collapse of the Archegos hedge fund and the associated $10 billion SCFF collapse. to the insolvent British financier Greensill.

Both the FCA and Credit Suisse declined to comment on the report, with the bank saying “we do not comment on our discussions with regulators, nor is it appropriate for us to do so.” fit.”

(1 dollar = 0.9870 Swiss francs)

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