Gosling's Grouse: The damage done

The damage done

Which? might not be everyone's cup of tea, but credit where credit is due as far as the recent fines for Credit Suisse and the Yorkshire Building Society are concerned.

Which? was one of the organisations who raised concerns about the product at the heart of the fines – a structured product called Cliquet. What does the name remind you of? Perhaps Veuve Clicquot champagne? Assuming I am right with this interpretation, perhaps the intention was to give investors a sense of success. Or perhaps I am being too cynical and there is a more down-to-earth reason. If the name was a bit misleading, more significantly so was the way the product was described to customers. It was described as being suitable for the risk-averse and a ‘stepping stone’ product t...