The two groups had had a 12 year partnership, with TD Direct providing stockbroking services to Natwest and Royal Bank of Scotland customers under the Natwest Stockbrokers and RBS Direct Trader brands.

John Tracy, head of TD Direct Investing (Europe), said that TD Waterhouse customers would see little change, while NatWest customers should see improved functionality, more products and greater flexibility to access their investments from tablets and smartphones. He added that the cost of investing for NatWest customers would not rise, and in some cases, may fall.

Tracy said that the combined business was designed to be a service for ‘everyday people’, adding: “There are significant changes to the pension legislation and the Isa system and more customers are taking responsibility for the management of their finances. We want to make it simpler for those customers to get what they need.”

He said that too often saving and investment is seen as the preserve of a certain type of person: “In reality, everyone needs to do a better job of saving and investing. We are seeing all kinds of new investors using our service. There is a perception that people needs hundreds of thousands of pounds, but we have people who are just getting started and people from all walks of life. We want to make sure they can ask the questions they need.”

Tracy said that ordinary investors are finding it harder to get the advice that they need in the wake of the recent regulatory changes to the advice sector. The TD Waterhouse service is designed to ensure that investors have the tools to make decisions on their own.