RBS Says Coutts Unit Under Investigation by U.K. FSA Over Bond-Fund Sales
Royal Bank of Scotland Group Plc’s Coutts & Co. unit, which counts Queen Elizabeth II among its clients, is being investigated by the U.K.’s financial regulator for selling an American Life Insurance Company bond fund.
The Financial Services Authority last month opened an investigation into the 318-year-old British private bank over the sale of ALICO Premier Access Bond Enhanced Variable Rate Fund to customers between 2001 and 2008, and the bank’s review of those sales, RBS said today in a statement.
“We can confirm the accuracy of that statement but we’ve got no further comment to make at this time,” FSA spokesman Christopher Hamilton said.
RBS, based in Edinburgh, said it is cooperating with the probe.