Max Mills acts for the Bank of England as it imposes a record fine of £87 million on Credit Suisse
The Bank of England’s Prudential Regulation Authority (PRA) has fined Credit Suisse £87 million for significant failures in risk management and governance in connection with its exposures to Archegos Capital Management (Archegos).
The collapse of Archegos in March 2021 caused Credit Suisse worldwide losses of $5.5 billion and significant reputational damage. In June 2023, Credit Suisse was acquired by UBS Group AG (UBS).
The PRA’s fine is part of a globally co-ordinated settlement with the Swiss Financial Market Supervisory Authority and the US Federal Reserve Board, with the combined penalty of all international regulators reaching $387.5 million.
As well as representing the largest fine ever imposed by the PRA, this case is the only time that a firm has been found to have breached four of the PRA’s eight Fundamental Rules.
Max Mills was instructed by the Bank of England for fifteen months to act in the PRA’s investigation into Credit Suisse’s management of its client relationship with Archegos.
As part of the PRA’s investigation team, his role included conducting interviews with senior individuals involved in the client relationship and participating in month-long settlement negotiations with the legal representatives of Credit Suisse and UBS.
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