Credit Suisse unit faces stiff fine in Britain
Britain's financial authorities have fined Winterthur Life UK, a subsidiary of the Credit Suisse Group, £500,000 (SFr1.16 million) for failing to meet guidelines on the sale of mortgage policies.
The Financial Services Authority said in a statement that Winterthur had not provided customers with clear explanations and had not adequately checked its computerised sale system.
Winterthur said it regretted the incident relating to the sale of mortgages between March, 1998 and December, 1999. The company said it was reviewing about 10,000 policies bought during the period. It has also set up a telephone help-line for affected clients.
The FSA has been looking to strengthen its regulation of Britain’s financial services sector and has recently fined a number of firms for gaps in their internal controls.
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