The FSA has launched a probe into sales of an AIG bond fund product by RBS' private banking arm Coutts.
RBS says it is "cooperating fully" with the probe into Coutts, which counts Queen Elizabeth II among its clients. In a statement the bank said: "In July 2010, the FSA notified RBS Group it was commencing an investigation into the sale by Coutts & Co of ALICO (American Life Insurance Company) Premier Access Bond Enhanced Variable Rate Fund to customers between 2001 and 2008." A spokeswoman at the FSA confirmed the statement was accurate. Earlier this week the FSA said it has fined RBS £5.6m for UK sanctions control failings at Coutts and other units, the regualtor's biggest fine to ...
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