Credit Suisse UK fined £5.95m for struc prod failings

The FSA defines SCARPs as "complex financial products" that provide income to customers but also expose them to the risk that they lose all or part of their initial capital. Between January 2007 and December 2009 Credit Suisse UK customers invested over £1bn in SCARPs. However, during that period there were a number of serious failings in the systems and controls in respect of those sales, the FSA said. These included weak controls when assessing customers' attitudes to risk, failing to take reasonable care to properly evidence the suitability of SCARPs for customers, and failing to m...