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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.

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