The UK's Financial Conduct Authority (FCA) is currently investigating allegations that former employees of Credit Suisse shared confidential information via WhatsApp.
The investigation focuses on the conduct of several staff members within the bank's London research unit. The FCA has been gathering information since late February 2023 and is assessing the potential for regulatory action against the implicated employees. The regulator is still in search of additional evidence to support its investigation.
The allegations include the use of personal devices to communicate sensitive business matters and share pricing information. The FCA is also examining the use of "disappeared messages" and instances where conversations with senior executives were recorded without consent.
This investigation follows previous regulatory actions against Credit Suisse and UBS for similar breaches. The FCA's scrutiny reflects a growing concern about the mishandling of confidential information in the digital communication era. The implications of these allegations are significant for analysts and market integrity.
If sufficient evidence is found, the FCA could initiate a private investigation, leading to fines and possible bans from the financial sector. Adhering to regulatory standards is crucial in the financial industry to protect sensitive information.