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RBS faces 'further action' by financial regulator RBS faces 'further action' by financial regulator
(about 1 hour later)
The financial regulator has said it may take "further action" over the way Royal Bank of Scotland treated some small business customers. The financial regulator has said it may take "further action" over the way Royal Bank of Scotland mistreated some small business customers.
The Financial Conduct Authority (FCA) has published an interim report into the conduct of the unit set up by the bank to help struggling businesses. The Financial Conduct Authority has published an interim report into failings by the RBS division that dealt with struggling businesses.
The Global Restructuring Group was found to have "widespread" mistreatment of customers in some areas.
RBS said it had acknowledged failings and again apologised for its mistakes.
The report identified a number of failings, including that 92% of viable firms handled by GRG suffered "inappropriate action", such as interest charges being raised or unnecessary fees added.
It was cleared in others, according to the report prepared for the regulator.
FCA chief Andrew Bailey said it was investigating whether there were grounds for action against the bank.FCA chief Andrew Bailey said it was investigating whether there were grounds for action against the bank.
RBS said it had acknowledged failings and again apologised for the mistakes. Chief executive Ross McEwan said the bank had set aside £400m for compensation and had paid out £115m.
The bank's Global Restructuring Group operated from 2005 to 2013 and at its peak handled 16,000 companies. The BBC reported on a leaked copy of the report in August, leading to political pressure on the FCA to publish more of the findings.
The FCA, which came under pressure to publish the report by MPs, identified a number of failings at RBS. The regulator was initially reluctant to do so, but gave in to pressure from MPs and campaigners.
But the bank's chief executive, Ross McEwan, said the "most serious allegations made against the bank have not been upheld". 'Not before time'
He added: "The culture, structure and way RBS operates today have all changed fundamentally since the period under review." GRG operated from 2005 to 2013 and at its peak handled 16,000 companies.
But Mr McEwan said the "most serious allegations made against the bank have not been upheld".
"The culture, structure and way RBS operates today have all changed fundamentally since the period under review," he said.
The bank has dealt with more than 900 complaints going back a decade, Mr McEwan added.
However, the report found that inappropriate treatment of small business customers was "widespread" in areas including:
Nicky Morgan, who chairs the Treasury select committee, said: "It has taken the FCA too long to publish its summary of the skilled persons' report, so this is not before time."
The committee is carrying out its own assessment, which will report back later this week, she added.
Mr Bailey is due to appear before MPs on the committee on 31 October.