FSA to penalise RBS-owned bank
The Financial Services Authority is to fine RBS-owned bank Coutts £6m for the way it sold bonds related to US insurance group AIG.
The FSA will issue the fine today, according to news reports. Some reports have called it one of the harshest penalties the watchdog has handed out.
RBS announced that it was under FSA investigation in August last year. The probe was centred on the sale of bonds marketed by AIG to 250 Coutts customers between 2003 and 2008.
AIG was bailed out by the US government in 2008 after heavy financial crisis-related losses brought the insurer to its knees. AIG is still paying back the government.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
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