FSA fines Credit Suisse £5.95 million for failings in Scarp sales

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Risk.net Operational Risk News Update 25 October 2011 This Week's Top Story FSA fines Credit Suisse £5.95 million for failings in Scarp sales Credit Suisse "deeply regrets" the systems and controls failings in its sale of Scarps between 2007 and 2009 Categories: Governance, Penalties and censures Topics: Financial Services Authority (FSA), Credit Suisse, Structured capital-at-risk products (Scarps), Enforcement, Risk management ... Mobile RSS OpRisk North America March 20-22, New York Now in its 14th year, the 2012 OpRisk North America conference will include discussions around the latest regulatory developments, the role of CRO and board members in the ERM framework, and the new threats to your business in the current market. Join more than 200 leading operational risk professionals at the largest event of its kind, and ensure you are up-to-date on the latest regulatory changes, industry guidelines and best practice from top industry experts. More of this week's news Evans appointed as director of risk consulting at KPMG Paul Evans has left Soca to join KPMG as a director of its UK risk consulting practice Fears of overreach in Mifid II and Mifir bond rules Industry experts warn new Mifid and Mifir proposals might push business overseas Lords take Vickers to task over robustness of plans Vickers faced fierce questioning on Independent Commission on Banking's final report and recommendations; incentive for banks to cheat the system discussed Citigroup settles CDO charges for $285 million The SEC has ordered Citigroup to pay $285 million to settle charges relating to a short position taken against its own CDO investors Related news this week from other categories Isda: Inconsistency among regulators worrying Dodd-Frank's extraterritoriality and supervisory focus on market structure reforms that will not deliver systemic risk reduction are concerns, says Isda chair Stephen O'Connor Energy firms need to gear up for Remit insider-trading rules, lawyers warn As early as December, energy trading firms could be subject to a compliance regime for Europe's complex - and confusing - new insider-trading rules BofE's Tucker: weak CCP recovery plans risk mayhem Panellists at an EC conference in Brussels this morning warned CCPs have made little progress on detailed survival plans - leaving the system exposed   Related publications: Risk magazine, Operational Risk & Regulation, Life & Pension Risk, Asia Risk Related categories: Risk Management, Regulation

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