British watchdog says fines Credit Suisse $10.5 mn
Britain's financial watchdog on Wednesday said it had fined Credit Suisse banking group 5.6 million pounds (7.0 million euros, 10.5 million dollars) for failing to effectively run its British unit.
By Agencies |
LONDON: Britain's financial watchdog on Wednesday said it had fined Credit Suisse banking group 5.6 million pounds (7.0 million euros, 10.5 million dollars) for failing to effectively run its British unit.
"The Financial Services Authority has today fined the UK operations of Credit Suisse ... for breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to organise and control their business effectively," the watchdog said in a statement.
It comes after the Swiss bank had amended its 2007 results when realising some of its traders had wrongly priced assets.
Credit Suisse was forced to amend its last full-year earnings statement with a write-down on revenues totalling 2.65 billion dollars, the FSA added on Wednesday.
"The penalty reflects our tougher stance on enforcement and our policy of imposing higher penalties to achieve credible deterrence," the FSA's director of enforcement, Margaret Cole, said in the statement.
"The sudden and unexpected announcement of the write-down had the potential to undermine market confidence," she added.
"The Financial Services Authority has today fined the UK operations of Credit Suisse ... for breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to organise and control their business effectively," the watchdog said in a statement.
It comes after the Swiss bank had amended its 2007 results when realising some of its traders had wrongly priced assets.
Credit Suisse was forced to amend its last full-year earnings statement with a write-down on revenues totalling 2.65 billion dollars, the FSA added on Wednesday.
"The penalty reflects our tougher stance on enforcement and our policy of imposing higher penalties to achieve credible deterrence," the FSA's director of enforcement, Margaret Cole, said in the statement.
"The sudden and unexpected announcement of the write-down had the potential to undermine market confidence," she added.
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