Queen's bank fined £6.3m for advice

A private bank that counts the Queen among its clients has been fined £6.3 million by the City watchdog for misleading customers over a savings product linked to bailed-out US insurer AIG.

The Financial Services Authority (FSA) has hit Coutts & Co with one of its biggest penalties to date for flouting regulations when giving risk advice to customers on the AIG Enhanced Variable Rate Fund.