FSA probe into Coutts nears conclusion

The regulator could finish its year-long probe into the sale of an AIG bond fund by Coutts in the autumn, according to Sky News. In a statement last August RBS said the FSA told the bank it was beginning an investigation into the sale by Coutts of the ALICO (American Life Insurance Company) Premier Access Bond Enhanced Variable Rate fund to customers between 2001 and 2008. If the watchdog finds evidence the ALICO-branded bonds were mis-sold it could impose a substantial fine on the wealth manager. Sky News sources said initial indications from the FSA's inquiry suggests there are g...