Royal Bank of Scotland is cutting over 600 jobs from its Financial Planning division in response to the RDR.

The firm currently offers Financial Planning to customers in UK branches and has over 300 qualified Financial Planning managers.

Kath Allen, RBS retail media relations manager, said: “From 31 December 2012, customers will be charged a fee for the advice they receive from a qualified professional. If our customers choose financial advice for investment products they costs will be made transparent at the outset. We are committed to providing our customers with advice in line with our commitment to Helpful Banking.

“However, as a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles.

“Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support. ”

These 351 new roles will be within a new model as per guidance by the Financial Services Authority which is not advice-based.

Ms Allen said: “If we can we will offer these jobs to those who are losing their jobs.”

RBS is the latest high street bank to cut roles in response to the RDR, in January 2011, Barclays announced it would be cutting 1,000 roles and HSBC announced in June that 460 roles would be cut as part of their RDR preparation.