Question to the HM Treasury:

To ask Her Majesty's Government, what assessment they have made of the report in The Financial Times on 2 March that staff at Credit Suisse had asked investors to destroy documents to prevent leaks regarding loans made to people who were later sanctioned; and what steps, if any, have they taken to prevent the UK operations of Credit Suisse from destroying such documents.

Questions relating to individual firms’ compliance with regulatory requirements, including those relating to record keeping, are matters for the Financial Conduct Authority (FCA).

The FCA is operationally independent from the Government. These questions have therefore been passed to the FCA who will respond directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.

All breaches and suspected breach of sanctions must also be reported to the Office of Financial Sanctions Implementation (OFSI) in HM Treasury as the competent authority for financial sanctions in the UK.