Banking group NatWest has increased provisions ahead of the outcome of a Financial Conduct Authority (FCA) investment advice review into the business.
In October 2019, the FCA notified the bank that it will appoint a skilled person to conduct an investigation.
The review looked at whether investment advice provided during 2010 to 2015 was subject to “appropriate governance and accountability and led to appropriate customer outcomes”.
The bank said in its annual results for the year ending 31 December 2020: “NatWest Group is co-operating with the skilled person’s review and, subject to discussion with the FCA, expects to conduct additional review / remediation work during 2021.
“Accordingly, NatWest Group recognised an increased provision in relation to these matters at 31 December 2020.”
It did not state how much it had set aside for compensation.