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Empresas y finanzas

UK watchdog fines Credit Suisse, Yorkshire Building Society


    LONDON (Reuters) - 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 well.

    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)