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Foreign Exchange

RBS saves on golf clubs

RBS has been offering a golf driver to new clients signing up for its spread betting service in the UK, provided by CMC Markets. However, word reaches me that so far this has not cost too much money. In fact, I hear that all of the clubs it’s given away could quite easily fit into one golf bag.

I’m not sure why take up has been so slow, given that retail FX is widely recognised as boom city. RBS has done next to no marketing, which may be one reason. Another could be its spreads – I sent an email asking what these were, but received no reply. If it is the spreads, it will show that the big banks cannot ride into the sector assuming that retail punters will automatically deal with them because they are bigger names.

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