According to the FT, millions of customers holding insurance policies with household brands such as Churchill and Direct Line should see little immediate impact from RBS’s move to divest its insurance arm.

The two brands, along with the household names of Privilege and Green Flag, which sells motor breakdown cover , are part of the insurance division of RBS, which the bank must divest in the next four years to satisfy European Union regulators. RBS Insurance estimates it has about 17m insurance policies in force, including motor, home , contents and life policies.

In spite of speculation already commencing over potential suitors for the division, RBS said it was “very much business as usual” for its existing customers.

“We will continue to exercise strong and responsible stewardship of our businesses, including those that are scheduled for divestment, with a strong focus on meeting customer needs,” said RBS.

“We will seek to ensure that any disruption associated with the restructuring is minimised and will keep our customers fully informed as the divestment process proceeds.”