RBS 2008 Annual Report Download - page 21

RBS Group Annual Report and Accounts 200820
Corporate Responsibility continued
in branches, through published guides and leaflets, and over
the internet. Each month, more than 10,000 copies of the
MoneySense guide are distributed to customers and the
MoneySense website receives an average of 60,000 visitors.
Recognising the impact that worsening economic conditions
would have on household budgets, RBS expanded MoneySense
for Adults in December 2008. Following a successful pilot
exercise which had already taken place earlier in the year in
NatWest branches in London, the Group significantly increased
its investment in the provision of financial advice. An additional
1,000 MoneySense Advisers were introduced to RBS and
NatWest branches. This made RBS the first bank to offer free,
impartial financial guidance to everyone, including customers
of other banks and people without bank accounts. The Group
worked with the Consumer Credit Counselling Service –a
charity which offers free and confidential advice and support
to anyone worried about debt – to train retail customer service
officers for this role. These new MoneySense Advisers were
nominated for the positions based on their exceptional
customer-oriented skills. Their job is to focus on helpful
guidance, not selling products.
MoneySense is also being expanded to other countries in which
the Group operates. In the United States of America, Citizens
Financial Group is involved in a number of financial inclusion
and capability initiatives. In Vermont, Citizens runs a Federal
Deposit Insurance Corporation Money Smart Series through the
branch network. The Money Smart curriculum helps individuals
build financial knowledge, develop financial confidence, and
use banking services effectively. Citizens Bank Connecticut is
a lead partner with Empower New Haven’s Financial Literacy
programme – New Haven $AVE$. This initiative promotes
economic security for low income families in New Haven,
offering accounts for first time homebuyers and young people
saving for higher education. Financial education and asset
specific training are required and participants are matched
$2 for every $1 saved up to a total of $2,000. Plans are
currently in progress to introduce MoneySense across the US
through Citizens, with additional programmes launching in 2009.
Ulster Bank is introducing MoneySense to both RI and NI.
MoneySense for Schools modules have been made available
online and plans are in development to broaden the schools
programme and launch MoneySense services for adults during
2009. Ulster Bank in NI also provides financial support for the
provision of independent debt advice by sponsoring the
Citizens Advice Debt Advice handbook. This is a reference
book for face-to-face debt advisers working in NI.
Supporting business customers
RBS has implemented a range of measures designed to assist
both businesses and households in the current difficult
economic climate.
In November, the Group made a series of promises to small
business customers of RBS and NatWest. Under the Committed
Overdraft promise, customers’ committed facilities remain in
place for 12 months from the date they are agreed, rather than
being repayable on demand. The Price Promise means that
committed overdraft pricing is guaranteed usually for 12 months
from the date it is agreed. At renewal, the price will not increase
unless there has been a rise in the risk associated with lending
to the customer.
As well as this financial support, RBS also extended the face-to-
face advice and support that is already available to customers
through their relationship managers. A team of 500 highly
experienced managers was selected to provide business
customers with hands on support to manage their businesses
through the downturn. This was followed in December 2008 by
the launch of Business Lifeline, a specialist helpline which RBS
has established to provide advice and support to small
business customers.