The Royal Bank of Scotland Group is adapting the roles carried out by its private bankers and wealth managers as part of a restructure of its Coutts division ahead of the RDR.
In its first-quarter interim management statement last week, RBS said it continues to progress with its restructure of Coutts, which offers pri vate banking and wealth management services.
It said: “The restructure assists in the preparations for the implementation of RDR regulations. Revised private banker and wealth manager roles will ensure clients receive the best service and advice based on their specific needs.”
The FSA fined Coutts £8.8m in March over anti-money- laundering failures and fined it £6.3m in November over sales of the AIG enhanced variable fund.
RBS posted a statutory loss of £1.4bn for the first three months of this year compared with a £116m loss for the same time last year.
The bank made a group operating profit of £1.2bn, excluding credit adjustments and other costs including an extra £125m to cover the cost of missold payment protection insurance.
RBS says it has repaid £75bn of funding made available under the Government’s credit guarantee scheme and the Bank of England’s special liquidity scheme, which were set up in 2009 to provide emergency loans and liquidity to banks during the financial crisis.
Yellowtail Financial Planning managing director Dennis Hall says: “The difficulty Coutts has is that it has been heavily reliant on high commission from bonds in the past. It obviously cannot carry on like that.”