FCA fines Credit Suisse International and Yorkshire Building Society

The Financial Conduct Authority (FCA) has fined Credit Suisse International (CSI) £2.4m and Yorkshire Building Society (YBS) more than £1.4m for failings related to the promotion of a structured product which attracted almost £800m worth of investment.

Both companies failed to ensure their promotions for CSI's Cliquet Product were clear, fair and not misleading. The product was criticised for promoting its potential maximum return even though the chances of achieving it were "close to 0%". The Cliquet Product was designed by CSI to provide capital protection and a guaranteed minimum return with the apparent potential for significantly more if the FTSE 100 performed consistently well. The probability of achieving the minimum return was 40-50% and the probability of achieving the maximum return was close to 0%. Despite this, CSI's ...