RBS launches 'impartial' advice service

Published on Wednesday 10 December 2008 20:31

ROYAL Bank of Scotland is launching a free in-branch advice service that it claims will provide impartial financial guidance.

From tomorrow, the bank will offer access to trained advisers who can provide guidance on generic financial matters such as budgeting and debt, as an extension of RBS's MoneySense financial capability programme.

The bank insisted that the advice would not be linked to its own services or products.

"The emphasis is on impartiality," Stephen Moir, RBS's head of community investment told The Scotsman. "People want free financial guidance and while banks already provide guidance, this brings in impartiality."

The advisers, who will be available in 62 branches in Scotland and 1,000 Natwest and RBS locations across the UK as a whole, have been trained by the Consumer Credit Counselling Service (CCCS) to provide impartial financial guidance. Customers of any bank will be able to speak to them, as will people without bank accounts.

Moir, who said the scheme was the first free impartial financial guidance service on offer from any high street bank, claimed the advisers would not talk about or promote RBS products or services. He asserted that advisers would make that clear at the outset and only talk generically about a specific product or service, such as savings or insurance, if it is clearly relevant to the individual's situation.

Only when people ask explicitly about RBS products or services would they be referred to the appropriate branch staff, added Moir, while those needing more specialised or in-depth help would be referred to the appropriate external resources. The need to offer free financial guidance on a personal one-to-one basis was underlined by pilot advice schemes conducted earlier this year, said Moir.

"People do not want to talk about their personal finances in a collective environment," said Moir. "Money remains a very private aspect and that's why one-to-one sits well in a bank environment."

Liz McVey, counselling centres manager for the CCCS, said she welcomed the initiative.

"It is a positive step and it's hard to understand why no-one else is doing it. People find banks anonymous now, so being able to go in and speak to someone for guidance is like going back to traditional banking."

McVey added that she hoped the availability of guidance in branches would mean more people accessing help in the early stages of their problems.

However a spokesman for Citizens Advice Scotland said: "There are many different sources of advice available, and people will want to seek a service which is suitable to their specific circumstances. But if they want to access advice that is completely free and independent, they should contact their local Citizens Advice Bureau."