
OUR TRANSFER PROPOSAL
last updated 03/09/22
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 transfer.
We have used a Banking Business Transfer Scheme, under Part VII of the Financial Services and Markets Act 2000.
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 transfer took effect from 3 September 2022 at 00.01am.
This hub details the process, provides important documents about the transfer, and answers to some questions you may have.

what this means for you?
As the Transfer has now taken effect, your former Adam & Company accounts and products forming part of the Transfer are now part of Coutts.
We want to reassure you that Coutts will continue to offer the same level of service that you enjoy today.
You should continue to speak to your private banker and access Coutts 24 and Coutts’ digital services for your banking needs.
For access to Coutts digital services please click here:

SOME QUESTIONS YOU MAY HAVE ABOUT
THe 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, it was decided that Coutts would be the principal private bank offering for the NatWest Group. Coutts will provide the broader capabilities which they already have to benefit our private banking clients.
Court approval was 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 required 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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WHEN CAN I EXPECT TO GET MY NEXT ADAM BANKING/LOAN/MORTGAGE STATEMENT?
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WHAT HAS TRANSFERRED UNDER THE SCHEME?
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Will there be any changes to my existing documentation?
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How is my Financial Services Compensation Scheme (FSCS) protection affected?
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Will my FSCS protection still cover me if I have deposits with RBS?
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Will the implementation of the transfer have any tax implications?
After the transfer, for your Adam accounts, we will send you a statement showing your recent transactions and balance(s) that have transferred to Coutts. From 5 September 2022 your bank statements from Coutts will be sent in line with your current statement cycle.
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 have transferred, 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, now that the Transfer has taken effect, any future correspondence from us, will be 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.
If you already had a Coutts account, the transfer may have had 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).
From 3 September 2022 deposits previously held with Adam & Company, or Coutts, or both, are now all held within one regulated bank, that is, Coutts. This means that you are covered by the FSCS in respect of Coutts only.
If you have deposits with Coutts that exceed the FSCS protection limit you can make withdrawals to reduce your affected deposits with Coutts down to the FSCS coverage limit ; or down to the level that you had with Coutts before the Transfer; whichever of these is greater. These withdrawals can be made without penalty or loss of accrued interest until 3 December 2022.
Now that the Transfer has taken effect your FSCS cover may have increased as your deposits will be with two separate regulated banks, RBS and Coutts.
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 Transfer.
cards
For now you should continue to use your Adam Black/ Gold / Classic Cards for payment transactions and they will continue to work as normal up until 31 October 2022.
If you have already applied for a Coutts Silk or Business Card then these will now be issued following the migration to Coutts. Your Adam card(s) will continue to work until either the day after you first use your new Coutts Silk/ Business Card or 30 days after it has been issued, whichever is earliest.
- The benefits on the Adam Black Card were withdrawn on 30 June 2022. Clients will have travel insurance for any trips already booked (up to and including 30 June 2022) using the Adam Black Card, if taken by (and including) 30 June 2023.
- Any trips booked after 30 June 2022 will no longer be covered through the Adam Black Card and clients will need to have a suitable policy in place to protect their travel arrangements.
Nothing has changed as a result of the transfer. You should continue to use your Adam-branded Debit Card(s). We will be in touch about re-issuing you with new Coutts-branded Debit Card(s) in the coming months.
No. Your replacement debit card will be re-issued as an Adam-branded Debit Card until we replace this with a Coutts-branded Debit Cards in the coming months.
digital services
Online banking through adambank.com has now closed. You can now register to use the Coutts app and online banking service to access your accounts. To find out how to do this please visit: coutts.com.
your personal data
Your personal data has been 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 have continued to use the Adam & Company brand for an interim period for our banking and lending business.