RBS in customer advice tie-up with Standard Life

TWO of Scotland’s largest companies have teamed up to offer investment services and products ahead of new rules on financial advice to customers.

Standard Life has signed a five-year deal with Royal Bank of Scotland which will see the bank offer up to one million of its high net worth customers access to investment and financial planning products through the insurer’s platforms.

Standard Life Investments (SLI) will also launch a range of funds accessible to retail investors badged as RBS funds.

The services will be aimed at RBS, NatWest, and Ulster Banks clients who have £100,000 income and £50,000 in savings.

RBS advisers will have access to Standard Life’s “execution only” web portal in December, ahead of government consumer protection rules being put into place under the Retail Distribution Review (RDR). The rules ban banks and other financial advisers from making commission on product sales.

Les Matheson, managing director, products & marketing, at RBS UK Retail said: “Standard Life will be a key component of our financial planning offering.”