FSA fines Credit Suisse £5.95 million for failings in Scarp sales
Credit Suisse "deeply regrets" the systems and controls failings in its sale of Scarps between 2007 and 2009
The UK Financial Services Authority (FSA) has fined financial services company Credit Suisse £5.95 million for systems and controls failings related to sales made by its private bank of structured capital at risk products (Scarps), according to a final notice filed on October 25.
Between January 2007 and December 2009, Credit Suisse customers in the UK invested more than £1 billion in Scarps.
Scar
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