
OUR TRANSFER PROPOSAL
last updated 29/06/22
In April 2021, we first announced our intention to transfer our banking and lending business to our sister company Coutts and committed to keeping you updated about the proposed transfer.
We are using a Banking Business Transfer Scheme, under Part VII of the Financial Services and Markets Act 2000.
This hub details the process, provides important documents about the transfer, and answers to some questions you may have.
It will be updated regularly as we move through the legal process.
Latest update 29/06/2022
On 31 May 2022 the Court of Session in Edinburgh approved the implementation of the Banking Business Transfer Scheme to transfer the Adam & Company banking and lending business to Coutts.
The intended date for the transfer to take effect has now been changed from 2 July 2022 to 3 September 2022 at 00.01am.

What is the proposal?
On 17 March 2022, we went to the Court of Session in Edinburgh to start the process to transfer Adam & Company's business to Coutts.
On 31 May 2022, the Court granted us approval to go ahead with the transfer.
You will continue to see the Adam & Company brand for a period of time after the transfer.

what this means for you?
It is very much ‘business as usual’ at Adam & Company. We want to reassure you that Coutts will continue to offer the same level of service that you enjoy today.
You should continue to use our services through your private banker, Adam 24 and our digital services over the next few weeks.
Looking to the future, Coutts offers an award-winning banking service including access to a new online banking service.
Coutts is proud of being a thriving and inclusive community for its clients and almost 330 years after being founded by a Scottish banker. We are excited to have opened Coutts’ first offices in Scotland in the Autumn of last year.

what happens next?
It is expected that the Transfer will take effect on 3 September 2022 at 00.01am. You will then be a client of Coutts.
We shall be writing to our clients ahead of the transfer to let them know what is happening and if there is anything they need to do to be ready.


SOME QUESTIONS YOU MAY HAVE ABOUT
THE PROPOSED TRANSFER
A Banking Business Transfer Scheme is a legal scheme to enable the transfer of banking business and is covered under Part VII of the UK Financial Services and Markets Act 2000. Under this Act, the transfer requires approval from the Court.
Following a detailed review on how Adam & Company clients can best be served, Coutts will become the principal private bank offering for the NatWest Group. Coutts will be able to provide the broader capabilities which they already have to benefit our private banking clients.
Court approval is required to enable us to make use of a Banking Business Transfer Scheme to smoothly transition the Adam & Company banking and lending business from the Royal Bank of Scotland plc legal entity to the Coutts & Company legal entity. This process requires a significant period of time to implement, due to the planning required, engagement with regulators and the Court process.
your banking and lending
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Please select from our list of questions below
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What is transferring under the Scheme?
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Will there be any changes to my existing documentation?
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Will my FSCS protection still cover me if I have deposits with RBS?
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How is my Financial Services Compensation Scheme (FSCS) protection affected?
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Will the implementation of the transfer have any tax implications?
All banking and lending products that you have with us along with the execution-only dealing service, certain investments, custody accounts and Stocks and Shares ISAs will transfer, and you will see that your everyday banking will come under the Coutts brand.
We will not be re-issuing new documentation to you for existing products and services with us.
However from the Effective Date of 2 July 2022, you will start to receive correspondence from us in the Coutts brand. You will see changes on the wording of our documentation from:
Adam & Company, a business name of The Royal Bank of Scotland plc. Registered in Scotland no. SCO083026. Registered Office 36 St Andrew Square, Edinburgh EH2 2YB. Financial Services Firm Reference Number 114724. The Royal Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
to:
Coutts & Company is registered in England No. 36695. Registered Office 440 Strand, London WC2R 0QS. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Firm Reference Number 122287. Registered VAT number: GB 243 852 752.
After the Transfer, your FSCS cover may increase as your deposits will be with two separate regulated banks, RBS and Coutts.
If you already have a Coutts account, the transfer may have an implication on your FSCS protection and you might want to consider taking action to protect it.
The FSCS compensates you if your UK authorised financial provider stops trading or becomes insolvent.
Your FSCS cover is for one allowance of £85,000 (or £170,000 for a joint account).
After the Effective Date deposits currently held with Adam & Company, or Coutts, or both, will all be within one regulated bank, that is, Coutts. This means that you will then be covered by the FSCS in respect of Coutts only.
If, after the Effective Date, you have deposits with Coutts that exceed the FSCS protection limit you can make withdrawals to reduce your deposits with Coutts either down to the FSCS coverage limit; or if before the transfer, you already had deposits with Coutts then you can reduce your deposits down to the level that you had with Coutts before the transfer; whichever of these is greater.
You can withdraw affected balances up to three months after the Effective Date, without penalty or loss of accrued interest.
After the transfer takes effect, you should note that as a consequence of the Transfer, your product(s) will be provided by Coutts - a company that, like Adam & Company, is resident for tax purposes in the United Kingdom. We’re unable to discuss the tax consequences for clients arising from the transfer.
If you are in any doubt as to your tax position or your tax reporting requirements, please consult your professional advisers regarding any possible tax consequences of the proposed transfer.
cards
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Please select from our list of questions below
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What is happening with the Adam credit and charge cards? Do i need to apply for a Coutts credit or charge card?
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What is happening with the Adam Debit Card? Will I need to reapply for a new debit card?
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What if I lose/have stolen/have fraud on my Adam Debit Card? Will I be re-issued with a Coutts Debit Card to replace it?
The Adam Black Card and the Adam Gold and Classic VISA Cards have been removed from sale. The benefits on the Adam Black Card will cease on 30 June 2022. You will not be able to use your Adam Credit or Charge Card(s) after 31 August 2022. We have recently written to inform you about this closure.
Nothing will change as a result of the transfer. You should continue to use your Adam Debit Card(s) as you do today. We will be in touch about re-issuing you with new Coutts Debit Card(s) in the coming months.
No. Your replacement debit card will be re-issued as an Adam Debit Card.
digital services
Until the transfer is complete, you will not need to do anything. Once the transfer is complete you will need to register for Coutts online banking/Coutts mobile app. We will write to you detailing how to do this in June 2022 together with a reminder of your online banking username which you will need to set up Coutts online banking.
your personal data
Your personal data will be transferred to Coutts. Coutts will use your personal data in the same way and for the same purposes as Adam & Company held it. Any marketing consents that you gave regarding marketing activity carried by Adam & Company and/or the wider NatWest Group will continue as before.
If you would like to revisit your marketing preferences, please contact us on 08000 564 010.
For details on how Coutts will use your personal data please see their Privacy Notice at www.coutts.com/Privacy
There is no change to the control environment in which it is held or to the locations or jurisdictions where it is stored. Coutts will become your Data Controller. Your personal data will be protected and kept safe.
OUR BRAND
When we sold the Adam & Company investment management arm of our business to Canaccord Genuity Wealth Management on 1 October 2021, we also sold the Adam & Company brand.
We will continue to use the Adam & Company brand for an interim period for our banking and lending business.