YORKSHIRE Building Society and Credit Suisse have been fined a total of £3.8 million for misleading inexperienced customers over investments that had almost zero chance of achieving maximum returns.

The fines centred on a product called Cliquet which was designed by Credit Suisse International (CSI) and sold to nearly 84,000 customers who ploughed in £797 million.

The Financial Conduct Authority said the promotion of Cliquet was "unacceptable".

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