If you would like further information about protection, the authorised firm should be able to help. This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. The Financial Conduct Authority (FCA) has today fined both Credit Suisse International (CSI) and Yorkshire Building Society (YBS) for failing to ensure financial promotions for CSI’s Cliquet Product1were clear, fair and not misleading. FCA NSM financial disclosure document of Publication of Prospectus Supplement filed by Credit Suisse International Availability by telephone: Monday to Friday from 8am to 11.30am and 1.30pm to 5pm, +41 58 467 15 15 By e-mail: FCA contact form If you have questions about travelling abroad, e.g. There are more steps you should take to avoid scams and unauthorised firms. For the reasons given in this notice, the Authority hereby imposes on CSI a financial penalty of £2,398,100. In addition, if the sum of the returns of the FTSE Index over each six month period (with the return in each period capped and floored) exceed the minimum return, the deposit pays the sum of the FTSE returns. Britain’s finance industry watchdog, the Financial Conduct Authority (FCA), started looking at Credit Suisse’s involvement in Mozambique in 2016. Credit Suisse also agreed to pay a $47 million criminal penalty to the U.S. Department of Justice. If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768. It has information on firms and individuals that are, or have been, regulated by us. "CSI and YBS knew that the chances of receiving the maximum return were close to zero but they nevertheless highlighted this as a key promotional feature of the product. This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. Modern Slavery and Human Trafficking Statement, CSI and YBS have agreed to contact customers who bought the issues of the Cliquet Product available between 1 November 2009 and 17 June 2012 (including some customers who purchased these issues immediately before this period). Your eligible deposits with Credit Suisse International are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. All rights reserved. To: Credit Suisse International (“CSI”) Firm Reference Number: 146702 Address: One Cabot Square London E14 4QJ Date 16 June 2014 1. FCA Capital Suisse SA Entity featured on Fitch Ratings. The target market for the Cliquet Product was described by CSI as "stepping stone customers" who were conservative and risk averse. For the maximum return to be achieved the FTSE 100 was required to rise by AT LEAST the cap level in every 6 month period. Neil has 5 jobs listed on their profile. Some customers will already have been contacted. Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. Disclosure of information by credit institutions; Quarterly reviews of the banking sector; Quarterly reviews of the creditors sector; Applying for activity licences. CSI was fined £2,398,100 and YBS’s fine was £1,429,000. Credit Suisse International (Clone of FCA authorised firm) is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm. Your eligible deposits with Credit Suisse International are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. 12 Endeavour Square. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Email: [email protected], [email protected] Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm. YBS customers who have questions can visit. CSI also reviewed its promotions in response to the third parties’ concerns, but decided not to change its product brochure significantly. Protecting your money. FCA NSM financial disclosure document of Momentum Allocator Base Prospectus filed by Credit Suisse International See the complete profile on LinkedIn and discover Neil’s connections and jobs at similar companies. According to the SEC’s order, several senior Credit Suisse managers in the Asia-Pacific region sought to win business by hiring and promoting individuals connected to government officials as part of a quid pro quo arrangement. These promotions were a serious breach of the requirement to be clear, fair and not misleading. Financial Conduct Authority fines Credit Suisse and Yorkshire Building Society for financial promotions failures. Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details. If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. Credit Suisse provides its clients with services in the areas of investment banking, private banking and asset management worldwide. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. Credit Suisse International. Issuer: Credit Suisse International Debt Level: senior unsecured Issue: EUR 19 mln Variable Rate Notes 1 Dec 2025 Find out more about this ‘clone firm’. ACTION 1.1. Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm. Credit Suisse (UK) Limited (Clone of FCA authorised firm) Tel: 020 7193 5025. It is authorised to offer, promote or sell services or products in the UK and its correct details are: Address: One Cabot Square, London, E14 4QR, United Kingdom. The Financial ConductAuthority (“FCA”) of the United Kingdom would like to alert all recipients that: Credit Suisse (UK) Limited (Clone of FCA authorised firm) Tel: 0207 193 5025 isNOT authorised under the Financial Services and Markets Act 2000 (“FSMA”) to carry on a regulated activity in the United Kingdom. Financial Conduct Authority fines Credit Suisse and Yorkshire Building Society for financial promotions failures, Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Raising procedural issues with our Procedural Officer, Complain about us, the PRA or the Bank of England (the regulators), Review into change and innovation in the unsecured credit market (the Woolard Review), Contact us by web chat, email, phone or post, FCA Innovation – fintech, regtech and innovative businesses, Banks, building societies and credit unions, Electronic money and payment institutions, General insurers and insurance intermediaries, Directory of certified and assessed persons, Coronavirus (Covid-19): Information for firms, Electronic Commerce Directive: operation after the transition period, Regulation of markets in financial instruments, UK Securities Financing Transactions Regulation (UK SFTR), How to report suspected market abuse as a firm or trading venue, How to report suspected market abuse as an individual, Exemptions from short-selling requirements, Notification and disclosure of net short positions, Short selling restrictions and prohibitions, Requesting sample transaction reporting data, How to claim compensation if a firm fails, Report information about a payment services or e-money firm. The FCA has an overarching strategic objective of ensuring the relevant markets function well. If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597. You can find more information about the FCA, as well as how it is different to the PRA. Credit Suisse overhauls management as it takes $4.7 billion hit on Archegos. If you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) so you’re unlikely to get your money back if things go wrong. Credit Ratings, Research and Analysis for the global capital markets. This is what we call a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. Both firms agreed to settle at an early stage of the FCA’s investigation and therefore received a 30% settlement discount. However, the FCA said that while the probability of achieving the minimum return was 40-50 per cent, the chance of gaining the maximum was virtually zero. Credit Suisse AG, Zurich Pan European Issuance Program, bilingual (English/German) for Swiss law, German law, English law (formerly Swiss Base Prospectuses) Credit Suisse AG (London Branch) / Credit Suisse International English Law Base Prospectuses ; Credit Suisse AG (London Branch) French Law Base Prospectus Find out why you should be wary of dealing with this unauthorised firm and how to protect yourself from scammers. The information provided to customers forms an important part of this. Credit Suisse International The Bank offers accounts and cards, savings, mortgages, pension, private and investment banking, derivative transaction, asset management, and advisory services. In addition, the FCA found that CSI failed to have a procedure in place for a complete review of their long running promotions on a periodic basis. Credit Suisse Securities (Clone of FCA authorised firm) Telephone: 020 3868 8654. Contact us by web chat, email, phone or post: Receive the latest FCA news and publications in a daily email. If you use an authorised firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing. All rights reserved. Credit Suisse | 951,823 followers on LinkedIn. The FCA declined to comment on the latest events. 1The Cliquet Product is a capital protected 4, 5 or 6 year structured deposit product which guarantees a minimum return. You can find out more about this scam tactic and how to protect yourself from clone firms. However, YBS continued to cite the potential maximum return and to give an unfair impression of the likelihood of achieving it. If you were offered, bought or sold shares, you can use our reporting form. Credit Suisse International (Clone of FCA authorised firm), Office for Professional Body Anti-Money Laundering Supervision (OPBAS), Raising procedural issues with our Procedural Officer, Complain about us, the PRA or the Bank of England (the regulators), Review into change and innovation in the unsecured credit market (the Woolard Review), Contact us by web chat, email, phone or post, FCA Innovation – fintech, regtech and innovative businesses, Banks, building societies and credit unions, Electronic money and payment institutions, General insurers and insurance intermediaries, Directory of certified and assessed persons, Coronavirus (Covid-19): Information for firms, Electronic Commerce Directive: operation after the transition period, Regulation of markets in financial instruments, UK Securities Financing Transactions Regulation (UK SFTR), How to report suspected market abuse as a firm or trading venue, How to report suspected market abuse as an individual, Exemptions from short-selling requirements, Notification and disclosure of net short positions, Short selling restrictions and prohibitions, Requesting sample transaction reporting data, How to claim compensation if a firm fails, Report information about a payment services or e-money firm, this scam tactic and how to protect yourself from clone firms, Modern Slavery and Human Trafficking Statement. The probability of achieving only the minimum return was 40-50% and the probability of achieving the maximum return was close to 0%. Statuut: Activiteit Lijst Statuut Geldig van; Lijst van de beleggingsondernemingen die ressorteren onder het recht van staten die geen lid zijn van de Europese Economische Ruimte en die het voornemen hebben meegedeeld om … The Cliquet Product was designed by CSI to provide capital protection and a guaranteed minimum return with the apparent potential for significantly more if the FTSE 100 performed consistently well. UK watchdog FCA has put out the details of several new unregulated companies, as well as few clone firms. The product was typically sold to unsophisticated investors with limited investment experience and knowledge through a number of distributors. FCA NSM financial disclosure document of 2. Today’s fines are the first time that the FCA has taken action against both the manufacturer of a product and its distributor simultaneously. London E20 1JN Email: [email protected], [email protected] Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm. Financial regulator, the FCA, fines Credit Suisse and the Yorkshire Building Society (YBS) over "misleading" promotion of an investment product. Any deposits you hold above the limit are unlikely to be covered. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm. Customs Information Office. FCA authorised firm details Customers who CSI and YBS have agreed to contact who are no longer in the Cliquet Product will also be offered the same rate. Financial promotions are often the primary source of information for consumers and in this case CSI and YBS let their customers down badly. Credit Suisse International (Clone of FCA authorised firm) Telephone: 020 3868 3410; +41 12 2518 3772. The FCA is interested in how behavioural economics can help understand why consumers make the decisions they do. The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. Supplement to CSi Registration Document filed by Credit Suisse International Contact us by web chat, email, phone or post: Receive the latest FCA news and publications in a daily email. Some of the issues raised in this case will be examined as part of its ongoing work. This was unacceptable.". On 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). The Financial Conduct Authority (FCA) has today fined both Credit Suisse International (CSI) and Yorkshire Building Society (YBS) for failing to ensure financial promotions for CSI’s Cliquet Product 1 were clear, fair and not misleading. As Finance Magnates covered this week, Credit Suisse and UBS may see a possible merger as the chairmen of the banks are already considering to create a single European banking giant. The Cliquet Product was sold by distributors under the following names - Protected Capital Plus Account, Guaranteed Capital Account, Protected Capital Account, Capital Plus Account, Guaranteed Capital Plus Account, Guaranteed Investment Account. In September 2010, following concerns raised by third parties, including Which?, YBS changed its promotions so that undue prominence was no longer given to the potential maximum return. Any deposits you hold above the limit are unlikely to be covered. The FCA has published the final notices it has issued to Credit Suisse International (CSI) and Yorkshire Building Society, imposing fines on the two firms of £2,398,100 and £1,429,000 respectively for failing to ensure that financial promotions for CSI's Cliquet Product were clear, fair and not misleading. The maximum return figure was given undue prominence in both CSI’s product brochures for the Cliquet Product, which YBS approved and provided to their clients, and in YBS’s own financial promotions for the product, some of which also did not clearly explain how returns were calculated. Tracey McDermott, FCA’s director of enforcement and financial crime said: "It is crucial that firms consider the needs of their customers from the time that products are being designed through to their marketing and sale. FCA authorised firm details. We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. General Good for providers of cross-border banking services; Identity codes of the international account numbers of credit institutions; The operating licence for a credit institution If CSI’s processes had included such a review, this may have resulted in the problems with the product brochure being remedied earlier. Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK: Telephone: 020 3868 3410; +41 12 2518 3772; 0208 089 3373; 0208 089 8299, 0208 089 3445; 02080892426, Email: [email protected], [email protected] gb.com, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected]; [email protected]; [email protected]. FCA authorised firm details. 83,777 customers invested a total of £797,380,716 in the product; with YBS being the distributor responsible for approximately 75% of the total amount invested.

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