Richard Lloyd, Which? executive director said:
“We raised concerns about these products to the regulator in 2010, after finding companies recklessly promoting maximum returns that had never been achieved in the FTSE 100’s history. It’s good to see the FCA sending a clear message with these fines and it must now investigate all building societies that sold these products.
“If the financial sector is to restore consumer trust we need to see simple, clear products that work for consumers and marketing that is fair, concise and jargon-free.”