FSA fines Credit Suisse £5.95 million for failings in Scarp sales


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.

Scarps are retail financial products that provide a set level of return to a customer but also involve

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