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

Bank hit by new FSA fine

Banking giant UBS was handed another big fine after it mis-sold a savings product linked to bailed-out insurer AIG.

As well as the £9.45 million penalty from the Financial Services Authority, the bank will pay around £10m to the high net worth consumers left exposed by the suspension of the AIG Variable Rate Fund.

The FSA said the bank had not understood the product it was selling, failed to recommend it to the right customers and did not take effective action when problems with the fund came to the fore.

Contextual targeting label: 

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.