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Credit Suisse on FCA’s watchlist over risk controls

Credit Suisse has been asked to address ‘persistent’ cultural issues such as a lack of internal challenge to risky transactions

The intense regulatory oversight of the bank comes amid conflicting reports of a takeover of Credit Suisse by State Street
The intense regulatory oversight of the bank comes amid conflicting reports of a takeover of Credit Suisse by State Street Photo: Bloomberg via Getty Images

The Financial Conduct Authority has added Credit Suisse to its ‘watchlist’ of firms in the financial services sector, in need of more supervision.

According to a letter to the bank in May, seen by the Financial Times, senior managers at Credit Suisse were asked to demonstrate evidence of processes it was following to avoid misconduct and improve accountability.

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