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Record £4m FSA fine for Credit Suisse First Boston International

The FSA has slapped its biggest ever fine of £4m on Credit Suisse First Boston International for trying to deceive the Japanese regulator.

The fine relates activities by UK authorised company between 1995 and 1998 when the FSA says CSFBi concealed and removed evidence about its business in Japan to evade tax.

FSA managing director Carol Sergeant says: “The unprecedented size of the fine makes it clear that we consider any attempt to mislead regulators and other authorities whether in the UK or in other countries to be an extremely serious issue. Ensuring that firms have organisational cultures that prevent this type of behaviour is essential to maintaining the confidence we all expect to have in our financial markets.”

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