Credit Suisse added to UK financial policeman’s watchlist

The British financial sector regulator has decided to place the bank Credit Suisse on its list of institutions requiring stricter supervision. The Financial Conduct Authority (FCA) fears that the Swiss bank “has not done enough to improve its culture, its governance and its risk controls”, reveals the FinancialTimes.

‘Serious concerns’

The British media was able to consult a letter sent to the management of the bank, in mid-May, in which the financial policeman asks him for “evidence of the measures” put in place to prevent possible faults. “Being added to the watch list indicates that the FCA has serious concerns,” says the FinancialTimes someone knowledgeable about how the watch list works.

Of the 60,000 institutions monitored by the FCA, only about 20 appear on this watch list. Credit Suisse was added following the various scandals that have erupted over the past 24 months.

Browse our large format: How Credit Suisse lost control

They “exposed the weakness of risk controls, forced the bank to issue a series of profit warnings and caused its share price to fall,” recalls the financial daily.

contacted by FinancialTimes, the Swiss banking institution says: “We do not comment on our discussions with regulators, and it would not be appropriate for us to do so. As we have previously highlighted, we are now well advanced in executing the plan to strengthen our business and our risk culture.”

Read also: Before the general meeting of Credit Suisse, four angry subjects

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