Peter Flavel, the CEO of private bank and wealth manager Coutts, is to step down with immediate effect as the fall out from the Nigel Farage bank account fiasco continues.

NatWest-owned Coutts has cut its investment platform tariffs with fees now starting from 0.15%, down from a minimum of 0.35%.

Royal Bank of Scotland, the part nationalised bank baled out by the government, plans to rebrand under the NatWest name later this year.