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View the article online at http://citywire.co.uk/wealth-manager/article/a754464

Coutts issues suitability warning to all UK clients

by Danielle Levy, Elsa Buchanan on Jun 05, 2014 at 11:22

Since the RDR was introduced, Coutts has revamped its wealth management advice service to make it a more ‘holistic needs-based service’.

The bank also took the decision in November 2012 to separate the roles of its client-facing staff. While they previously carried out both general banking and wealth management, the roles are now firmly divided.

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2 comments so far. Why not have your say?

Neil Shillito

Jun 05, 2014 at 13:56

So, no commission bias there then?

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Anonymous 1 needed this 'off the record'

Jun 06, 2014 at 08:33

Or for instance recommending to all its wealthy clients with large bank balances to invest in one duff, share called RBS 2008 Rights issue that Coutts just happened to be owned by!

What about Adam & Co I am near certain they called on their rich Scottish clients in order to support the lifestyle of 1,000 bankers who had momumentally failed.

The FSA should also announce that Adam&Co have to do the same thing. Expect a manipulated survey like Linklaters attempt of the GRG unit however recommending a massive lump of cash into one share that then lost 70% in 6 months and 85% before the effects of inflation for 6 years would seem ripe for compensation. I hear Miller McLean is the installed Chairman of Adam & Co and as he masterminded the enormous legal team at RBS I expect the FSA etc may well be duped yet again!

The RBOSAction.org would welcome those sold a pup/told to invest in such a "safe" investment. It will be interesting if they used the rigged survey questions and lawyers again - I think I will ask if a bookmaker would take that bet.

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