Post-Citibank repercussions



The risks posed by mis-selling have again been brought to centre stage following the closure of Citibank’s private banking business in Japan. In September last year, the group was ordered to suspend its private banking operations after the country’s regulator, the Financial Services Agency (FSA), uncovered a catalogue of regulatory abuses, including the mis-selling of structured products to high-net-worth individuals, an absence of governance and internal control systems, and a lack of managemen

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