As part of the banking industry’s current attempts to implement ring-fencing requirements prior to January 2019, the Royal Bank of Scotland (RBS) has renamed itself as NatWest Markets Plc.
This newly named entity will handle investment banking, whilst the day to day retail banking that most customers and small businesses will be familiar with is transferred to Adam & Company Plc which has now been renamed as Royal Bank of Scotland Plc.
The upcoming ring fencing changes are being implemented to attempt to ensure that in the event a bank fails, it will be easier to manage the fallout without having to resort to a government bailout, as was the case with RBS back in 2008.
Dan Fallows, director of Seneca Banking Consultants, said:
“This is a key change for those with ongoing complaints or litigation against the bank, given that complaints will have been started against the Royal Bank of Scotland but will now be settled or potentially litigated against NatWest Markets Plc.”
If you are considering a claim against RBS or have already made one and want to explore your options for making a consequential loss claim, please get in touch. Seneca Banking Consultants are experts in bringing complaints against the banks for any kind of misconduct.