Citi ordered to redress investors for mis-selling complex products

Citigroup has been ordered to refund over A$3m to 114 retail customers for losses arising out of structured product investments offered by the US bank between 2013 and 2017, following an investigation by the Australian Securities & Investment Commission (Asic). Citigroup will also write to over 1,000 customers remaining in the products to provide them an opportunity to exit early without cost. The Australian regulator investigated Citigroup’s sale and provision of general advice to c