27/10/2011 - Credit Suisse Fined 6 Million
Credit Suisse Fined 6 Million.
Over £1bn was invested in SCARPs by Credit Suisse’s private bank clients between January 2007 and December 2009. SCARPs are products that provide income, but also expose investors to the risk that they may lose all or part of their initial capital.
During a supervisory visit by the FSA, it found a number of serious failings had occurred during that period including the company failing to take reasonable care to properly evidence the suitability of SCARPs for clients and also failed to monitor staff effectively to ensure that they took reasonable care when giving advice.
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