Bailed-out bank says regulator has started ‘enforcement proceedings’ against Swiss arm over certain client accountRoyal Bank of Scotland has revealed that Swiss authorities are scrutinising its Coutts subsidiary as the bailed-out bank reported a loss for the first three months of 2016.
RBS said the Swiss regulator,the Swiss Financial Market Supervisory Authority, had “opened enforcement proceedings against Coutts & Co Ltd (Coutts), and a member of the RBS Group incorporated in Switzerland,with regard to certain client accounts held with Coutts”.
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Source: theguardian.com