Summary
A PRIVATE bank that counts the Queen among its clients has been fined pound(s)6.3 million by the City watchdog for misleading customers over a savings product linked to bailed-out US insurer AIG.
The Financial Services Authority (FSA) has hit Coutts & Co, which is owned by Royal Bank of Scotland (RBS), with one of its biggest penalties to date for flouting regulations when giving risk advice to customers on the AIG enhanced variable rate fund.See the full content of this document
Extract
Queen's Bank Fined Pound(S)6.3m for Bad Advice On Fund
The FSA said Coutts sold the fund to 427 high net worth custom...
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