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RBS's Coutts sets 110 million pounds aside for unsuitable investment advice

Published 29/08/2014, 13:22
© Reuters The name of Coutts is seen displayed on a branch of the bank in central London
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LONDON (Reuters) - Royal Bank of Scotland's private bank Coutts has set aside 110 million pounds to compensate customers for unsuitable investment advice, a person familiar with the matter told Reuters on Friday.

RBS said earlier in August that Coutts had decided to examine the suitability of investment advice to its clients following a review into Britain's wealth management industry by the country's financial regulator.

Coutts is in the process of contacting clients and will offer compensation in appropriate cases, the bank said.

© Reuters. The name of Coutts is seen displayed on a branch of the bank in central London

(Reporting by Matt Scuffham; Editing by Laura Noonan)

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