Private bank Coutts & Co will be fined £6 million by the regulator – a penalty for the way it sold bonds linked to failed US insurer AIG
Private bank Coutts & Co will be fined £6 million by the regulator – a penalty for the way it sold bonds linked to failed US insurer AIG.
According to reports, the fine may be handed out by the regulator today, and it is understood to be one of the strictest penalties the Financial Services Authority (FSA) has issued.
The City watchdog started to look at the way in which savings products linked to AIG had been sold back in 2010, following on from a number of complaints from investors who said they had not been made fully aware of the risks involved.
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At the time, Coutts said the regulator was looking at the sale of investment bonds marketed by AIG to around 250 of its customers.
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