Sir Keith Mills 'delighted' at FSA Coutts probe

Sir Keith Mills has told Citywire of his delight that the FSA has launched an official investigation into Coutts.

Mills is suing Coutts for negligence after he was advised to invest £65 million of his savings in AIG Life Premier Bonds.

After hearing the FSA had launched an official investigation into Coutts, Mills said: 'I am delighted that the FSA has initiated an investigation into the sale of AIG bonds by Coutts.

'I have long maintained that Coutts misrepresented the nature of the investments it sold to me and others.’

The advertising guru has been prolific in courting publicity about his grievances with Coutts.

In 2008, he set up the Coutts Action Group and website, which allowed disgruntled Coutts clients to meet and voice their discontent.  

He said the group was set up to 'help customers of Coutts Bank who were advised by the bank to invest in AIG Life Premier Bonds, but who have subsequently found that their money was not as safe as they thought.'

As well as embarking on an advertising campaign across multiple national newspapers, Mills has been active in his support and advice on how disgruntled Coutts customers can contact the FSA to complain about the sale of AIG Bonds.

Meanwhile, sources within Barclays Wealth, Credit Suisse and Lloyds Private Bank have confirmed to Citywire they advised on sales of the AIG bonds in question.  

However, it is understood that so far the FSA has not contacted the trio about beginning formal investigations. Spokespeople for all the private banks declined to comment.