The NatWest Group, which has recently merged all its wealth management facilities under Peter Flavel, has announced in its latest end-of-year results that it is the subject of a regulatory investigation regarding its advisory services.
Some time in October 2019, according to the newly-released document, the UK's Financial Conduct Authority notified NatWest Group of its intention to appoint a 'skilled person' (usually a large accountancy firm) in accordance with section 166 Financial Services and Markets Act 2000.
The unnamed assessors are trying to find out whether NatWest Group’s past business review of investment advice that it gave to people between 2010 and 2015 was subject to appropriate governance and accountability and led to appropriate results for customers.
NatWest Group is co-operating with the skilled person’s review and, subject to discussion with the FCA, expects to conduct additional remediation work in the course of this year. As a result of this, the group has made a higher provision in relation to these matters as at 31 December 2020.