Credit Suisse has been fined 5.95 million pounds by the Financial Services Authority for system failures in its private bank, the second time it has fallen foul of the British regulator in less than two years.

The FSA said in an emailed statement on Tuesday it had fined Credit Suisse for "systems and control failings in relation to sales by its private bank of structured capital at risk products (SCARPs)."

"Credit Suisse UK's systems were not up to the level we, and their customers, are entitled to expect," said Tracey McDermott, acting director of enforcement and financial crime at the FSA.