Coutts, the private banking arm of the Royal Bank of Scotland (RBS), has set aside £110 million (US$182 million) to compensate clients who may have been sold unsuitable investments between 1957 and late 2012.
Coutts is contacting clients and will offer compensation in appropriate cases, RBS said.
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Coutts chief executive Michael Morley told the Financial Times that the advice given as part of the firm’s pre-RDR advice process "could have been better" in some instances, adding that Coutts is currently "working hard" to address this.
It is believed the £110 million will come from a £206 million provision RBS has already made for the private bank.
The news comes as RBS recently announced its intensions to sell the international arm of Coutts.
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