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Bank Claim: Credit Suisse UK fined for SCARPS failings

The Financial Services Authority (FSA) has issued a fine of £5.95 million to the private banking firm Credit Suisse UK.

Many people who had invested in the company's structured capital at risk products (SCARPS) were not correctly assessed to ascertain their attitude towards the financial hazards associated with the purchase.

Credit Suisse UK was also charged with incorrectly advising its customers about the appropriateness of SCARPS.

Tracy McDermott, the FSA's acting director of enforcement and financial crime, said there were "significant and widespread failings" in the advisory process associated with the wealth management sector and that standards need to improve.

The firm agreed to pay its fine early and received a 30 per cent discount.

Credit Suisse UK has since made the required changes to its systems and will pay redress to customers who were misadvised.

As well as private banking, the financial organisation also provides investment banking and asset management services.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800775508-ADNFCR

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