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.

In October 2021, the FCA fined Credit Suisse more than £145m as part of a $475m (£374m) global settlement for serious financial crime due diligence failings related to the loans which the bank arranged for the Republic of Mozambique, worth $1.3bn (£1bn).

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.”

In 2023 Credit Suisse was fined £87m by the Prudential Regulation Authority for “significant failures in risk management and governance” related to the collapse of Archegos Capital.

The collapse of Archegos Capital caused a £4.3bn trading loss for Credit Suisse and was one of the main reasons for its collapse and subsequent £2.5bn takeover by rival Swiss bank and wealth manager UBS.