FCA verdict on Credit Suisse cliquet revives backtesting debate
Credit Suisse and Yorkshire fined for serious breach of duty
The UK Financial Conduct Authority (FCA) fined Credit Suisse International (CSI) £2.4 million and Yorkshire Building Society (YBS) £1.4 million on June 16 for selling structured deposits accompanied by inadequate marketing material, in a verdict that raises questions about the use of backtesting and appropriate probability analysis, say bankers.
The fines were in regard to sales of a cliquet product created by Credit Suisse, of which 75% - a total of £797 million - was distributed to more than
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