• Text size      
  • Send this article to a friend
  • Print this article

£3.8m fines for Cliquet banks

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".

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

240877