Drops in RBS and RSA shares peg back UK's FTSE 100

* FTSE 100 flat, still close to record highs

* Reed Elsevier (LSE: REL.L - news) , RBS (LSE: RBS.L - news) fall after full-year results

* RSA falls, dividend disappoints

* StanChart (HKSE: 2888-OL.HK - news) up after naming new CEO

* EasyJet (Other OTC: ESYJY - news) trades ex-dividend, shares fall

By Sudip Kar-Gupta

LONDON, Feb 26 (Reuters) - Share (LSE: SHRE.L - news) price falls in publisher Reed Elsevier and financial firms Royal Bank of Scotland and RSA kept Britain's top equity index in check on Thursday, although the market remained near record highs.

The blue-chip FTSE 100 index was flat at 6,937.77 points going into the close of the trading session, still close to the record 6,958.89 points reached on Tuesday.

Insurer RSA fell 6.6 percent, making it the worst-performing FTSE 100 stock in percentage terms.

Even though RSA swung back into a profit for 2014, its profit number was below market forecasts, as was a modest 2 pence final dividend payment

"RSA's numbers were not as good as people had hoped for, and the dividend was disappointing," said Beaufort Securities sales trader Basil Petrides. A 6.25 pence dividend had been forecast.

Reed Elsevier fell 5.1 percent, taking the most points off the FTSE.

Reed reported 2014 results broadly in line with forecasts, predicted further growth for 2015 and announced plans for a 500 million pound ($777 million) share buyback.

However, Reed still fell as analysts questioned whether the performance could sustain its strong stock rally. The shares have climbed more than 100 percent since 2012. Others also noted the buyback was down on last year's 600 million pound figure.

"When a stock has risen by as much as Reed, there will always be room for disappointment if the figures do not beat forecasts, and traders will be looking to sell out and cash in on the rally," said Central Markets trading analyst Joe Neighbour.

STANCHART OUTPERFORMS RBS

Royal Bank of Scotland slid 6.9 percent, while airline easyJet and drinks group Diageo (LSE: DGE.L - news) fell after going ex-dividend, meaning they were trading without the attraction of their latest dividend.

RBS posted a 2014 loss of 3.5 billion pounds and announced plans to shrink its investment banking operations to allow the state-controlled lender to refocus on local lending in Britain.

"RBS is just going to get bashed and bashed and bashed. Although the figures read OK, they've still got some structural issues," said Joe Rundle, head of trading at ETX Capital.

However, rival bank Standard Chartered (HKSE: 2888.HK - news) - whose operations are mainly in Asia - outperformed RBS to rise 3.6 percent after it said former JPMorgan investment bank boss Bill Winters would take over as chief executive to replace embattled boss Peter Sands.

"We are pleased with the announcement of Bill Winters, he is well respected and with management looking to bring back more focus on the core business we think will please investors," said Atif Latif, director of trading at Guardian Stockbrokers. (Additional reporting by Alistair Smout; Editing by Toby Chopra)