A clear message

The FSA gets serious on enforcement by slapping a £5.6m fine on Credit Suisse

The FSA’s £5.6 million fine on Credit Suisse for pricing errors and control failures will have finally hammered home the lesson that financial institutions cannot afford to be caught napping on compliance issues. The fact the bank has been slapped with such a high fine demonstrates firstly that it may have not responded to an earlier warning following the identification of weakness by the regulator; and secondly that the FSA wanted to send a clear message to the city that it will not tolerate

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