The FCA has banned Andrew Pearse and Surjan Singh, former Credit Suisse managing directors, from the UK financial services industry for lacking integrity.
The regulator took action at the end of February almost five years after the pair were convicted in the US for arranging corrupt loans to the Republic of Mozambique between 2012 and 2016.
In July 2019, Mr Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting more than $45m (£35.4m) in unlawful kickbacks in connection with the loans.
In September 2019, Mr Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him accepting $5.7m (£4.5m) in unlawful kickbacks in connection with the loans.
The loans were tainted by corruption. The FCA also secured Credit Suisse’s agreement to write off $200m (£157m) of debt owed by the Republic of Mozambique.
Steve Smart, joint executive director of enforcement and market oversight at the FCA said: “Mr Pearse and Mr Singh were experienced executives at Credit Suisse who admit to having received more than $50m (£40m) in kickbacks. There is no place in our markets for those who engage in bribery and corruption.”
Promote your vacancy to thousands of professionals on Financial Planning Jobs
Our specialist jobs service Financial Planning Jobs can help you reach nearly 12,000 financial professionals. You can set up an Employer Profile and post your job the same day on Financial Planning Jobs (terms apply). Dozens of Financial Planning and Paraplanning firms have used our affordable service to recruit new talent.