- Credit Suisse has been put on a watchlist of institutions in need of stricter supervision in UK.
- UK regulators concerned bank had not made enough improvements to its culture, governance, and risk controls.
- Senior executives were asked to give evidence of steps they would take to prevent instances of misconduct.
- The bank declined to comment on the report, saying “it would be appropriate for us to do so”.
The Financial Conduct Authority FCA of the UK has put Credit Suisse (CSGN.S) on a watchlist of establishments needing stricter oversight, the Financial Times detailed late on Sunday, referring to a letter sent in May.
The controller told the Swiss bank last month the progression had been taken in view of concern the bank had not made an adequate number of enhancements to its way of life, administration, and chance controls, the report said.
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The FCA likewise asked Credit Suisse’s senior leaders to give proof of steps the bank would take to forestall occurrences of wrongdoing and to further develop responsibility, the report said.
The FCA was not quickly accessible to answer the demand for input.
Credit Suisse declined to remark on the report, saying “we don’t remark on our conversations with controllers, nor would it be proper as far as we’re concerned to do as such.”