Coutts facing FSA investigation
Coutts & Co, the private bank that adds up the Queen amongst its patrons, is facing an exploration by the Financial Services Authority over investments products vended to well-off investors.
Royal Bank of Scotland, owning Coutts, expressed on Friday in its outcome report that its private banking wing had been move toward by the FSA in July over sales to customers of investment bond products promoted by US life
The examination apprehension sales of the Premier Access Bond Enhanced Variable Rate Fund to clients sandwiched between 2001 and 2008, as per RBS.
The product was promoted by the AIG-managed group Alico. Alico was sold by AIG to US insurer MetLife in the month of March this year.
Approximately 250 Coutts clients are supposed to have put money into the bond. Investors in the bond axiom their funds getting glacial in 2008 since AIG was bailed out by the US government. Few asserted that they had been
misrepresented the products since the value of investments plummet.
Sir Keith Mills, the capitalist who work out the Nectar loyalty card scheme, has lay blame on Coutts for mis-selling the Alico bond to investors after plunking in £73m of his money in the fund.
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