The UK financial watchdog has reportedly put Credit Suisse on a watchlist of companies in need of closer supervision.
According to media reports, the Financial Conduct Authority wrote to the Swiss lender in mid-May, saying it had taken the step over concerns that the bank had not done enough to strengthen its culture, governance or risk controls.
The Financial Times said the letter also asked senior management to provide evidence of the steps it would take to prevent misconduct and improve accountability.
The FCA put Credit Suisse’s international division and UK operations – both of which are regulated by the watchdog – on the watchlist following discussions with Finma, the Swiss regulator, the FT added.
Neither the FCA nor Finma have commented. Credit Suisse told Reuters that it did not comment on discussions with its regulators, “nor would it be appropriate for us to do so”.
The FT quoted an unnamed source which said being put on the watchlist implied the FCA had “serious concerns”. There are currently around 20 companies on the list, including subprime lender Provident Financial.
Credit Suisse has endured a difficult period after being embroiled in a series of scandals, most notably the collapse of Greensill Capital and the Archegos family office.
It also agreed to pay significant FCA and US Securities and Exchange Commission fines last October, over its role in Mozambique’s so-called “tuna bond” scandal.
