Coutts has cooperated fully and openly with the FSA throughout the investigation. Coutts accepts the findings contained in the FSA’s final notice regarding certain failures to meet the relevant regulatory standards.

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The FSA has not made any findings on the suitability of the advice given in any individual cases. Nonetheless, and in order to address the possibility identified by the FSA that unsuitable advice may have been given in relation to the EVRF, Coutts will undertake a past business review of its sales of the product. This review will be overseen by an independent third party and will consider the advice given to customers invested in the EVRF as at the date of its suspension on 15 September 2008. As part of the review, Coutts may identify clients affected by the FSA’s findings and will offer them redress. Coutts is in the process of writing to all affected customers with further details and an indication of when the review will be complete.

Rory Tapner, CEO of Coutts, the Wealth Division of the Royal Bank of Scotland, said: "We always strive to provide the highest level of investment advice to our clients and have therefore been disappointed that we did not meet our high standards of service in respect of this product. We had already implemented enhancements to our investment advice procedures, which provide reassurance that the past failings identified by the FSA will not be repeated. We remain fully committed to ensuring that Coutts’ investment advice is fully compliant with relevant regulatory standards and provides a valuable service to our clients in all markets in which we operate."

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