LONDON (AP) — Britain's financial regulator said yesterday it has fined the UK division of Credit Suisse £5.6 million ($10.5 million) over the pricing of asset-backed securities in its investment banking division.

The Financial Services Authority said the fines reflected the bank's failure to conduct business "with due skill, care and diligence and failing to organise and control their business effectively".

Credit Suisse revealed on February 19 — a week after announcing its full-year annual results — that it had identified mismarking and pricing errors by a small number of traders and said it was repricing certain asset-backed securities. The repricing involved a write-down of revenues by $2.65 billion.