RBS's Coutts sets 110 mln stg aside for unsuitable investment advice

LONDON Fri Aug 29, 2014 8:19am EDT

Related Topics

LONDON Aug 29 (Reuters) - Royal Bank of Scotland's private bank Coutts has set aside 110 million pounds ($182 million) to compensate customers for unsuitable investment advice, a person familiar with the matter told Reuters on Friday.

RBS said earlier in August that Coutts had decided to examine the suitability of investment advice to its clients following a review into Britain's wealth management industry by the country's financial regulator.

Coutts is in the process of contacting clients and will offer compensation in appropriate cases, the bank said. ($1 = 0.6031 British Pounds) (Reporting by Matt Scuffham; Editing by Laura Noonan)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.