LONDON, June 16 Britain's Financial Conduct
Authority has fined Credit Suisse International and
Yorkshire Building Society for failing to ensure that financial
promotions for a product were clear, fair and not misleading.
The FCA said in a statement on Monday it fined Credit Suisse
International 2.4 million pounds ($4 million) and Yorkshire
Building Society 1.4 million pounds.
The watchdog said the Cliquet product was designed by the
Swiss bank to provide capital protection and a guaranteed
minimum return, with the apparent potential for significantly
more if Britain's FTSE 100 share index performed consistently
However, the probability of achieving only the minimum
return was 40-50 percent, and the probability of achieving the
maximum return was close to zero percent, the FCA said. The
potential maximum return on the product was marketed as a key
promotional feature, the FCA said.
($1 = 0.5956 British Pounds)
(Reporting by Huw Jones, editing by Chris Vellacott)