FCA fines Credit Suisse Int'l and Yorkshire BS over £800m structured product failings

Both companies failed to ensure their promotions for CSI's Cliquet Product, which attracted almost £800m worth of investment, were clear, fair and not misleading. The promotions focused on the product's potential maximum return even though the chances of achieving it were "close to 0%", the FCA determined. The Cliquet Product was designed by CSI to provide capital protection and a guaranteed minimum return with the apparent potential for significantly more if the FTSE 100 performed consistently well. Yorkshire was the main disributor of the product which eventually attracted almost...