MPs have published a long-awaited and damning report that outlines the systemic mistreatment of thousands of small and medium-sized companies by Royal Bank of Scotland.
The Treasury select committee made unprecedented use of its parliamentary powers to issue the document after it said that the Financial Conduct Authority, which commissioned the review, was taking too long to publish.
The review of RBS’s Global Restructuring Group said that it was supposedly a “turnaround” division to provide help to troubled companies, but in reality had focused on extracting income from them.
The review uncovered “systematic” poor treatment of companies and concluded that “management was aware (or should have been aware)” of the misconduct. It said that the treatment of businesses was part of an “intentional and co-ordinated strategy”.
The Telegraph adds that following the publication of the scathing report, the FCA has been dealt another blow as MP’s question its incoming chairman, Charles Randell, over his past investment in a “tax avoidance” scheme.
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