By Reuters Staff2 Min Read(Reuters) -The UK’s Financial Conduct Authority has put Credit Suisse on a watchlist of establishments in want of stricter supervision, the Financial Times reported late on Sunday, citing a letter despatched in May.FILE PHOTO: A emblem is pictured on the Credit Suisse financial institution in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibouse/File PhotographThe regulator informed the Swiss financial institution final month the step had been taken due to concern the financial institution had not made sufficient enhancements to its tradition, governance and threat controls, the report mentioned.The financial institution’s addition to the watchlist, which consists of 20 or so establishments at anybody trip of the round 60,000 the FCA displays, hints the regulator has severe considerations, the FT mentioned, citing an individual acquainted with the operation of the record.Credit Suisse was fined about $475 million final 12 months by the U.S. Securities and Exchange Commission and FCA, to resolve bribery and fraud prices regarding a $2 billion Mozambican corruption scandal.The FCA has additionally requested Credit Suisse’s senior executives to offer proof of steps the financial institution would take to stop cases of misconduct and to enhance accountability, the newspaper mentioned.In the May letter, FCA mentioned it requested the lender to conduct critiques within the second half of the 12 months on the effectiveness of its worldwide board, threat and audit committees. FCA made these overview requests after session with the Swiss regulator Finma, in accordance with the report.The regulator mentioned within the letter it additionally has considerations on whether or not the financial institution adequately reported conduct guidelines being breached for various years, the FT report added.Credit Suisse racked up a 1.6 billion Swiss franc ($1.62 billion) loss final 12 months when it was hit by the implosion of funding fund Archegos and the collapse of $10 billion in SCFFs linked to bancrupt British financier Greensill.The FCA and Credit Suisse each declined to touch upon the report, with the financial institution saying “we do not comment on our discussions with regulators, nor would it be appropriate for us to do so.”($1 = 0.9870 Swiss francs)Reporting by Nishit Jogi in Bengaluru; Additional reporting by Ann Maria ShibuEditing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.