British regulators have fined a couple of financial firms for overhyping a retail structured product in their marketing to investors.

The UK’s Financial Conduct Authority (FCA) said Monday it has fined Credit Suisse International (CSI) £2.4 million ($4.4 million), and fined the Yorkshire Building Society (YBS) over £1.4 million ($2.6 million), for failing to ensure that their marketing for a structured product developed by CSI was clear, fair and not misleading.

The FCA says that the product, called Cliquet, was designed by CSI to provide capital protection and a guaranteed minimum return, with the potential for greater returns if an underlying index (the FTSE 100) consistently performed well. The regulator notes that the probability of only achieving the minimum return was 40%-50% and the probability of achieving the maximum return was close to 0%; yet, it says that the firms’ promotional material marketed the potential maximum return on the product as a key feature.

It says that the maximum return figure was “given undue prominence” in both CSI’s product brochures, which YBS approved and provided to their clients, and in YBS’s own financial promotions for the product, some of which also did not clearly explain how returns were calculated. The product was typically sold to unsophisticated investors with limited investment experience and knowledge, the FCA adds.

“It is crucial that firms consider the needs of their customers from the time that products are being designed through to their marketing and sale,” said Tracey McDermott, the FCA’s director of enforcement and financial crime. “Financial promotions are often the primary source of information for consumers and in this case CSI and YBS let their customers down badly. These promotions were a serious breach of the requirement to be clear, fair and not misleading.”

“CSI and YBS knew that the chances of receiving the maximum return were close to zero but they nevertheless highlighted this as a key promotional feature of the product. This was unacceptable,” McDermott added.

The firms agreed to settle the allegations, and qualified for a 30% discount on their fines as a result. They also agreed to offer clients that bought the product the opportunity to exit it without penalty, and to pay interest up to the date they exit. According to the FCA, just under 84,000 customers invested a total of £797.4 million ($1.47 billion) in the product; with YBS accounting for approximately 75% of the total amount invested.