In its dying days, the Financial Services Authority (FSA) has decided to try to show some teeth.
RBS has announced that the FSA has launched an investigation into Coutts (the Queen's bank which is also, ironically, part of RBS the "people's bank"), over the sale of AIG bonds in the years before AIG's collapse.
RBS issued the following statement:
"In July 2010, the FSA notified RBS Group that it was commencing an investigation into the sale by Coutts & Co of the ALICO (American Life Insurance Company) Premier Access Bond Enhanced Variable Rate Fund to customers between 2001 and 2008 as well as its subsequent review of those sales."
The FSA investigation may be of interest to Keith Mills, who has mounted a high profile publicity campaign against Coutts, including placing billboard advertisements criticising the bank close to its headquarters. He also has launched court proceedings against the bank.
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