{"id":127771,"date":"2022-06-12T22:54:12","date_gmt":"2022-06-12T22:54:12","guid":{"rendered":"https:\/\/fin2me.com\/?p=127771"},"modified":"2022-06-12T22:54:12","modified_gmt":"2022-06-12T22:54:12","slug":"uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft\/","title":{"rendered":"UK's FCA puts Credit Suisse on watchlist in need of stricter supervision -FT"},"content":{"rendered":"

(Reuters) -The UK\u2019s Financial Conduct Authority has put Credit Suisse on a watchlist of institutions in need of stricter supervision, the Financial Times reported late on Sunday, citing a letter sent in May.<\/p>

FILE PHOTO: A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS\/Denis Balibouse\/File Photo<\/figcaption>

The regulator told the Swiss bank last month the step had been taken because of concern the bank had not made enough improvements to its culture, governance and risk controls, the report said.<\/p>\n

The bank\u2019s addition to the watchlist, which consists of 20 or so institutions at any one time out of the around 60,000 the FCA monitors, hints the regulator has serious concerns, the FT said, citing a person familiar with the operation of the list.<\/p>\n

Credit Suisse was fined about $475 million last year by the U.S. Securities and Exchange Commission and FCA, to resolve bribery and fraud charges relating to a $2 billion Mozambican corruption scandal.<\/p>\n

The FCA has also asked Credit Suisse\u2019s senior executives to give evidence of steps the bank would take to prevent instances of misconduct and to improve accountability, the newspaper said.<\/p>\n

In the May letter, FCA said it asked the lender to conduct reviews in the second half of the year on the effectiveness of its international board, risk and audit committees. FCA made these review requests after consultation with the Swiss regulator Finma, according to the report.<\/p>\n

The regulator said in the letter it also has concerns on whether the bank adequately reported conduct rules being breached for a number of years, the FT report added.<\/p>\n

Credit Suisse racked up a 1.6 billion Swiss franc ($1.62 billion) loss last year when it was hit by the implosion of investment fund Archegos and the collapse of $10 billion in SCFFs linked to insolvent British financier Greensill.<\/p>\n

The FCA and Credit Suisse both declined to comment on the report, with the bank saying \u201cwe do not comment on our discussions with regulators, nor would it be appropriate for us to do so.\u201d<\/p>\n

($1 = 0.9870 Swiss francs)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) -The UK\u2019s Financial Conduct Authority has put Credit Suisse on a watchlist of institutions in need of stricter supervision, the Financial Times reported late […]<\/p>\n","protected":false},"author":3,"featured_media":127770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nUK's FCA puts Credit Suisse on watchlist in need of stricter supervision -FT - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK's FCA puts Credit Suisse on watchlist in need of stricter supervision -FT - Fin2me\" \/>\n<meta property=\"og:description\" content=\"(Reuters) -The UK\u2019s Financial Conduct Authority has put Credit Suisse on a watchlist of institutions in need of stricter supervision, the Financial Times reported late [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-12T22:54:12+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2022\/06\/UKs-FCA-puts-Credit-Suisse-on-watchlist-in-need-of-stricter-supervision-FT.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft\/\",\"url\":\"https:\/\/fin2me.com\/business\/uks-fca-puts-credit-suisse-on-watchlist-in-need-of-stricter-supervision-ft\/\",\"name\":\"UK's FCA puts Credit Suisse on watchlist in need of stricter supervision -FT - 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