The private bank has written to thousands of customers warning they may have been sold risky investments

Private bank Coutts & Co has admitted it may have exposed thousands of UK customers to unsuitable investments over a period of up to 70 years. The bank’s chief executive Michael Morley has written to investors warning that some may have been sold products that did not match their risk appetite. The bank, which is owned by Royal Bank of Scotland, has told the City regulator, the Financial Conduct Authority, that it will review the suitability of advice for all customers who held investments at November 26, 2012, when it introduced improved advice processes. It has already identified one client who was given unsuitable advice as far back as 1957. Mr Morley said: “Looking back, there have been some instances where the advice given during our previous advice process could have been better, and we are working hard to address that. “We want our clients to be absolutely certain that every investment made by them is indeed suitable, and continues to be suitable. If not, we will ensure that portfolios are appropriately adjusted, and if clients have suffered any financial detriment, they will be compensated in full.”.....Read more here