The multi-millionaire claims he stands to lose around £30m after Royal Bank of Scotland-owned Coutts recommended he purchase £65m of AIG Life's Premier Bonds, backed by its Enhanced Fund. Mills subsequently established the Coutts Action Group to raise awareness of the oversight.
The ad campaign rolls out today 1 July with an execution appearing in the Financial Times. The ad claims that Coutts told investors it saw no risk with AIG Life ‘Enhanced Fund' bonds, despite warnings of financial problems in the business press.
‘I am a great believer in the power of advertising to get an important message across,' said Mills. ‘I hope the ads will ensure that new Coutts CEO Michael Morley is fully aware of the complaints I have made about Coutts' advice. I hope to shame him and the bank he now heads into standing behind customers who have lost out.'
A Coutts spokeswoman said all investments in AIG products are expected to return to their full value by July 2012: 'Our position has not changed, we remain confident that the AIG product was sold with the appropriate advice, and was compliant with FSA regulations. It was sold as a low risk, not no risk product and that the value of the investment can go down as well as up.'