Entrepreneur backs FSA report into failings at the Queen’s bank

TYCOON Sir Keith Mills has welcomed the investigation of the Royal Bank of Scotland by the FSA, in the hope it sheds light into failings at the Queen’s bank Coutts.

The millionaire is in the process of suing the bank, a division of RBS, after he was advised to invest £65m of his fortune in AIG Life Premier Bonds.

The bank assured Sir Keith, who made his name as the man behind Air Miles and the Nectar loyalty card, that his money would be safe in AIG, before the insurer hit financial difficulties last year.

The FSA last week said it would publish a report into failings at RBS which led to its government bailout.

Sir Keith 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.”