Credit Suisse reaches agreement with FSA

by Richard Kilner

Story link: Credit Suisse reaches agreement with FSA

Following the mis-pricing of some asset backed securities, Credit Suisse has announced it has come to an arrangement with the Financial Services Authority (FSA).

Due to its error, Credit Suisse will pay a fine of £5.6m.

The bank discovered the incorrect pricing and took action to revalue the securities, as well as swiftly informing the market of its error.

In addition, Credit Suisse launched an in-depth review to find out how and why the mistake had occurred, fully accepting the review’s findings.

A number of individuals have been disciplined by the firm for their part in the pricing transgression.

Because the FSA was informed promptly and received complete co-operation from the bank, a settlement was reached quickly.

Credit Suisse Group’s CEO, Brady Dougan, has described the incident as unacceptable, adding that he was pleased the matter had been settled with the FSA so that the firm could move forward.