Strategy

RBS Wealth Chief Says Rues Communication Shortcomings At Adam & Co

Tom Burroughes, Group Editor, London, 10 January 2011

articleimage

The global head of Royal Bank of Scotland's wealth management arm has criticised how its Adam & Co private bank has communicated with customers, reflecting on difficulties at the business last year, according to Scotland on Sunday.

A number of employees left Edinburgh-based Adam & Co, while customers have demanded changes after complaining about the level of service, the newspaper said.

Rory Tapner, who joined RBS from Swiss bank UBS in September to take up the role of chief executive, said Adam had been tarnished by poor communication with customers, but also with its own staff.

Tapner told the publication he had met some of the bank's clients to gain a better understanding of the problems and was now confident the bank was on the right track.

"I had a breakfast meeting with some clients and they told me what was wrong and we have told them we are responding," he said. "I think Adam, for a period of time, had fallen into the trap of becoming a bit lazy in its communication. The content was good, but the delivery was weak. Customers complained about the way we were handling them."

Around 30 key staff resigned from Adam last year to take up jobs with rival institutions as the bank underwent a major overhaul as RBS reviewed its operations. RBS has been restructuring since receiving billions of pounds of taxpayers’ money amid the financial crisis.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes