FCA bans ex-Credit Suisse executives over Mozambique scandal

The Financial Conduct Authority (FCA) has banned former Credit Suisse managing directors Andrew Pearse and Surjan Singh from the UK financial services industry due to their involvement in a corruption scandal linked to loans arranged for the Republic of Mozambique. Both executives were convicted in the US for their roles in a conspiracy that involved substantial kickbacks, with Pearse accepting over $45 million and Singh $5.7 million in bribes. The FCA's action follows a larger settlement in which Credit Suisse was fined over £145 million for its financial crime due diligence failings related to these loans, which totaled $1.3 billion. The FCA also secured an agreement from Credit Suisse to write off $200 million of Mozambique's debt. Steve Smart of the FCA emphasized that there is no place for individuals engaged in bribery and corruption in the financial markets. This decision is part of ongoing scrutiny of practices within the financial sector, particularly concerning integrity and governance.