Former chief regulator slams Credit Suisse regulation - reports

Adair Turner

Adair Turner, former head of the Financial Services Authority, has condemned Credit Suisse’s $17bn AT1 bond wipe-out and the overall supervision its sale by regulators to UBS last week.

The new write-down was one of the first times this post-2008 regulation has been used, and the readjusted of the capital structure has bee hotly critiqued since the sale. UBS bought Credit Suisse for $3bn on 19 March after its delayed annual results saw its share price decline dramatically and authorities stepped in to prevent the Swiss lender collapsing. Credit Suisse sued by shareholders as Asian executives depart Turner, who chaired the FSA from 2008 to until it was abolished in 2013, said to The Times that it had been an "odd thing" for the Swedish authorities to put Credit Sui...