NatWest sets aside cash for FCA advice review probe

NatWest sets aside cash for FCA advice review probe
Credit: Jason Alden/Bloomberg

NatWest has set aside cash for a Financial Conduct Authority probe into a review of investment advice.

In the company's annual results for the year ended December 31, published today (February 19), NatWest said it was co-operating with a skilled person review instigated by the FCA.

The group added that it had set aside cash for additional review and remediation work it expects as a result of this review during 2021.

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NatWest said the FCA had commissioned the review into whether the group’s past business review of the investment advice it provided between 2010 and 2015 was “subject to appropriate governance and accountability and led to appropriate customer outcomes”.

The regulator notified the company in 2019 that it intended to appoint a third party, or ‘skilled person’, to conduct the review.

Under the Financial Services and Markets Act, the regulator can obtain a view from a third party about aspects of a regulated firm’s activities if it is concerned or wants further analysis.

This morning NatWest also announced it would withdraw its Ulster Bank business from the Republic of Ireland because it was not in a position to achieve "an acceptable level of sustainable returns".

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