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Standard Life signs platform deal with RBS

RBS Royal Bank of Scotland 440

Standard Life has signed a five-year platform distribution deal with Royal Bank of Scotland.

The deal sees Standard Life wrap deliver investment solutions through RBS, NatWest and Ulster Bank advisers from December 2012. A direct service will launch in 2013.

The products will include Isas, Sipps, onshore and offshore bonds.

Standard Life chief executive UK and Europe Paul Matthews says: “We are very pleased that RBS has chosen to partner with Standard Life to deliver RDR-ready financial solutions for its customers.”

RBS products and marketing managing director Lee Matheson says: “It is important for us at RBS to help our customers plan for a financially secure future. So I am pleased we’re announcing today that Standard Life will be a key component of our financial planning offering going forward.”

In June, RBS announced it was scrapping its IFA arm and moving to a restricted advice model as part of an overhaul of its advice service ahead of the RDR.

The bank also announced it was cutting 618 jobs from its financial planning service, reducing the financial planning arm by half. The bank says its post-RDR offering will also create 351 new roles.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Am I dreaming or didn’t the high street banks say they were withdrawing from providing advice – or is RBS the exception?
    They may well be – they should care if they trade at a loss or get fined – it’s the taxpayer that picks up the tab from this nationalised entity.

    As far as Standard (no) Life is concerned – well we now know where we stand with them! (If we ever had any doubts).

  2. RBS (soon to be santander in england) Santander and Nationwide remain remain as mass market. None of the advisers yet know what they will be charging next year !
    No mention of any figures on the distribtuion deal….

  3. Chris Macdonald 5th October 2012 at 9:55 am

    Harry – my understanding is that these are XO clients and therefore RBS will not be providing advice.

  4. Chris –

    Ho Ho Ho! So the drone that walks into the bank knows all about investing, platforms Unit Trusts, OEICS and economics and will skilfully negotiate the web site, application process and portfolio maintenance, while fully understanding the charging structure – all without advice! (Just like SJP no doubt!)

    It’s a wonderful regulatory world!

  5. Birds of a feather flock together

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