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RBS seeks assurances on NDFA structured product plans

Royal Bank of Scotland is investigating whether monies received from investors in a number of RBS backed structured products plans are safe following the announcement that NDFA has been placed into administration.

RBS re-launched four structured products in August in the shape of its Autopilot, Navigator, Skyline and Royal Deposit plans, all of which have NDFA as administrator.

The group originally launched the Autopilot, Navigator and Skyline plans in May with Keydata Investment Services as the administrator, only for KIS to be placed into administration by the FSA on June 8.

As the Navigator, Autopilot and Skyline products were still in subscription, Keydata returned the assets to investors, RBS then replaced Keydata with NDFA in August, citing a long-term relationship with Opal, the administrator behind NDFA. The group also added a Royal depsoit plan to the range, which is a three-year capital protected investment with Ulster Bank the deposit holder and NDFA as the plan and Isa account manager.

The new products are due to close on October 19 with a strike date set for November 2.

A spokesman for Opal confirmed that the firm will be taking on the plans from NDFA.

RBS says it will give further information as soon as it is available.

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