Presently, across the RBS group, advice is offered either through an IFA model or through its tied private bank and financial planning propositions.
And the new move will mean scrapping of the 118-strong IFA arm, with all the existing advisers to be transferred to the new restricted advice model, MoneyMarketing reported.
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Though last week the bank had proposed to cut 618 jobs from its financial planning service, reducing the financial planning arm by half, it also said that its post RDR offering will create 351 new roles.
Meanwhile, regarding the new restricted model, RBS said that it will test a number of options and brands with customers for the new advice/protection proposition.
The restricted advisors will be called ‘specialist financial advice managers’, with some advisers focusing on business and commercial customers.
MoneyMarketing quoted an RBS spokeswoman as saying: "We are presently researching our final panel position. Our solutions will be delivered via the RBS group and a group of third party suppliers."
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By GlobalData"Our new proposition will give a wider choice of solutions to the majority of our customers. We will also be able to continue to support and advise our existing customers across all advice channels," he added.
