View more on these topics

Sir Keith Mills launches anti-Coutts ads on its doorstep

Sir Keith Mills has launched a series of adverts against Coutts’ AIG bond advice just outside its head office.

Mills, the founder of the Air Miles and Nectar loyalty programmes, has paid for the campaign to show how Coutts told him that it was not concerned with any risk to investors such as him from AIG Life Enhanced Fund bonds.

On Coutts’ advice, in December 2007 Mills purchased £65m of AIG Life’s Premier Bonds backed by its Enhanced Fund, which were recommended by Coutts as a low-risk, easy-access investment and an alternative to bank and building society deposits.

The advertisements are placed on billboards at prominent locations around Charing Cross station and escalator panels at Embankment tube station, a short walk from the Coutts head office. The campaign starts today for two weeks, and run continuously with adverts in the national press.

Barlow Lyde & Gilbert has commenced legal action against Coutts for Mills by issuing the first steps before negligence proceedings. Mills alleges that the negligence was compounded in March 2008 when he contacted Coutts to express concerns about AIG – but was told that Coutts was “still not concerned with any risk to investors such as yourself”. Coutts has so far denied the allegations of negligence.

Mills says: “These adverts will ensure that my grievance is writ large along escalators and across billboards. They will bring my complaint against the bank to the attention not just of new Coutts chief executive Michael Morley but also to that of every employee walking into work. I hope to shame him and the bank he now heads into standing behind customers who have lost out.”

Mills has set up a website, for other Coutts customers who were advised to buy AIG Life Premier bonds.


Natural selection

The recent release of worse than expected first-quarter1 GDP data vindicates our cautious views on the economy – we expect UK GDP to contract by 3.5 per cent this year. Significant further deleveraging is required on the part of consumers and businesses.

Raise the red flag issues

In 1865, Britain introduced the Locomotives on Highways Act, better known as the Red Flag Act. Among other things, the act stipulated that all mechanically powered road vehicles must be preceded by a man on foot waving a red flag to warn the public.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm