FSA to penalise RBS-owned bank
The Financial Services Authority is to fine RBS-owned bank Coutts £6m for the way it sold bonds related to US insurance group AIG.
The FSA will issue the fine today, according to news reports. Some reports have called it one of the harshest penalties the watchdog has handed out.
RBS announced that it was under FSA investigation in August last year. The probe was centred on the sale of bonds marketed by AIG to 250 Coutts customers between 2003 and 2008.
AIG was bailed out by the US government in 2008 after heavy financial crisis-related losses brought the insurer to its knees. AIG is still paying back the government.
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