Credit Suisse has become the first investment bank to be fined twice by the Financial Services Authority, after the UK financial regulator levied a £5.6m (€7.2m) penalty on the Swiss bank for the shock trading writedowns unearthed within days of its full-year results in February.

The fine makes Credit Suisse one of just a handful of companies to have been fined twice by the FSA, and the first in the investment banking sector to be fined twice. The Swiss bank's former Credit Suisse First Boston investment banking arm was fined £4m in December 2002, a record penalty at the time, for attempting to mislead Japanese regulatory and tax authorities.