Credit Suisse fined £6m for system faliure

CREDIT Suisse has been fined £5.95m by the Financial Services Authority (FSA) for system failures in its private bank, the second time it has fallen foul of the regulator in less than two years.

The FSA said yesterday it has fined Credit Suisse for “systems and control failings in relation to sales by its private bank of structured capital at risk products (SCARPs)”.