Press
Press/Media
MPs launch inquiries to learn lessons from RBS and Carillion mistreatment of small businesses
The Telegraph
1 February 2018
Two powerful committees of MPs have launched separate inquiries into protections for small businesses in the wake of the RBS Global Restructuring Group (GRG) scandal and the collapse of outsourcing giant Carillion.
MPs launch two probes of small business treatment
Financial Times
1 February 2018
Inquiries will focus on whether SMEs are being exploited by larger businesses
Report into misconduct by RBS will be made public, says watchdog
The Guardian
30 January 2018
Bank to allow full publication of inquiry into how its restructuring unit mistreated small businesses
RBS Lending Report to Be Released by FCA After Lawmaker Grilling
Bloomberg
30 January 2018
The U.K. Financial Conduct Authority is preparing to release a report into Royal Bank of Scotland Group Plc’s business-lending practices after the bank’s top executives gave the go-ahead following months of controversy over its publication.
RBS boss admits claim about turnaround unit was not true
Sky News
30 January 2018
Ross McEwan is grilled by MPs and admits his past claim the bank's GRG unit turned around the vast majority of firms was false.
This is money.co.uk
30 January 2018
The boss of Royal Bank of Scotland was yesterday forced into a humiliating U-turn after defending a ruthless unit long accused of deliberately wrecking companies it was supposed to save.
Banks must never again be allowed to treat small businesses the way RBS did
The Times
30 January 2018
Our main objective is to restore customers’ health and strength. So said Derek Sach, the head RBS’s Global Restructuring Group (GRG) in evidence to the treasury committee in 2014.
Banks must never again be allowed to treat small businesses the way RBS did
The Times
30 January 2018
Our main objective is to restore customers’ health and strength.” So said Derek Sach, the head RBS’s Global Restructuring Group (GRG) in evidence to the treasury committee in 2014.
ALEX BRUMMER: End the RBS report delays, for the sake of victims
This is money.co.uk
30 January 2018
Showing sympathy towards ruthless bankers who delivered nothing but misery to small and medium sized businesses would be a terrible mistake.
RBS still giving impression that it just doesn't get it over activities of GRG unit
Independent
30 January 2018
Before a hearing of MPs the organisation behind a critical report into the controversial Global Restructuring Group described the bank's bosses as 'unduly defensive'
FCA decides to publish highly critical GRG report after RBS bosses say they will not object
City Am
30 January 2018
The Financial Conduct Authority (FCA) will publish a highly critical report into the actions of a unit of Royal Bank of Scotland (RBS), after the lender today indicated they will not object.
How RBS turned blind eye to ruthless loan unit
Financial Mail on Sunday
3 December 2017
Royal Bank of Scotland’s management turned a blind eye to widespread failings at its notoriously ruthless division that was meant to help struggling small firms, according to secret documents.
FCA boss Andrew Bailey criticised over RBS scandal
The Times
1 November 2017
The head of the Financial Conduct Authority was criticised by MPs yesterday for slowness, complacency and methodological failings in its investigation into the scandal of small companies being deliberately mistreated by Royal Bank of Scotland.
RBS told to get act together on compensating small businesses
Reuters
31 October 2017
The head of Britain’s financial watchdog told Royal Bank of Scotland (RBS.L) to speed up its handling of compensation claims related to its treatment of struggling businesses during the financial crisis.
UK watchdog says RBS should accept small businesses treatment report findings
Independent
31 October 2017
The head of Britain’s financial watchdog said it is ’unfortunate’ that Royal Bank of Scotland (RBS) has disagreed with findings from its report over the bank’s treatment of small businesses which were shifted into its controversial Global Restructuring Group (GRG).
UK financial watchdog to propose mediation service for small businesses
Financial Times
31 October 2017
The scandals swirling around two of the largest UK lenders and their treatment of small businesses has prompted the financial regulator to propose a new mediation service for smaller corporate customers.
City AM
31 October 2017
The Financial Conduct Authority’s second investigation into RBS’ small business unit could lead to enforcement, the City watchdog’s boss has said.
Businesses beaten up by banks to get some relief in wake of RBS scandal
Independent
31 October 2017
The Financial Conduct Authority is set to publish proposals to extend the remit of the Financial Ombudsman Service, but its coverage will be limited
RBS should accept independent findings that it systematically treated customers badly, FCA boss says
Independent
31 October 2017
RBS should accept independent findings that it systematically treated customers badly, FCA boss says
Daily Mail
31 October 2017
Royal Bank of Scotland bosses delayed the release of a report into a controversial business turnaround unit by objecting to its findings.
RBS should have accepted faults more easily, City watchdog tells MPs
The Telegraph
31 October 2017
The head of the City watchdog has hit out at the Royal Bank of Scotland for not accepting criticism of its treatment of struggling businesses after the crisis, describing the lender's attitude as 'unfortunate'.
FCA considers further action on RBS turnaround unit
Sky News
23 October 2017
An independent review finds 92% of viable small firms referred to the bank's restructuring division faced inappropriate action.
Britain’s FCA weighs further action over RBS small business treatment
Reuters
23 October 2017
Britain's financial watchdog is considering further action against Royal Bank of Scotland (RBS) for its treatment of struggling companies during and after the financial crisis.
FCA rejects calls to publish report into RBS’s controversial restructuring unit
The Telegraph
15 September 2017
Nicky Morgan, the chair of the Treasury committee, has slammed the decision by City watchdog the Financial Conduct Authority (FCA) not to publish its full report into RBS's controversial restructuring arm.
City AM
15 September 2017
Chief executive Andrew Bailey has told Treasury Select Committee chair Nicky Morgan he will not make its findings into the way RBS’ Global Restructuring Group acted fully public, despite the recent leak and the threat of more to come.
FCA refuses to publish report on RBS and small business customers
The Guardian
15 September 2017
City regulator tells Treasury select committee publication could constitute a criminal offence, despite leak to BBC
FCA refuses to publish leaked RBS report into disgraced unit that squeezed small businesses
The Independent
15 September 2017
Britain’s financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit, despite demands for its release by an influential committee of MPs.
Watchdog decision to not publish RBS mistreatment report criticised
International Business Times
15 September 2017
The Financial Conduct Authority's (FCA) refusal to publish a report into allegations that Royal Bank of Scotland (RBS) mistreated small business customers has been criticised. FCA chief executive Andrew Bailey told MPs on the Treasury Select Committee that publishing the report could reveal confidential information and that he did not believe public interest was best served by making it public.
FCA rejects call to publish RBS report in full
Yahoo! Finance
15 September 2017
Britain’s markets watchdog has rejected calls to publish a report into allegations Royal Bank of Scotland bankrupted small companies to pick up their assets on the cheap, saying it would instead release a detailed summary soon.
FCA’s refusal to publish report on RBS is ’shocking and unconscionable’, says action group
Proactive Investors
15 September 2017
The FCA believes publishing the leaked report into the way RBS's global restructuring arm treated its customers is not in the best interest of the public.
Uncovering RBS’s downgrade to GRG compensation scheme
The Business Desk
22 March 2017
Daniel Fallows, director at Seneca Banking, reveals an untold change to RBS’s review scheme for businesses affected by the bank’s Global Restructuring Group division.
A good day to bury bad news – RBS launches 'compensation scheme' for GRG customers
Scottish Legal News
21 November 2016
In a perfect illustration of the maxim “pick a good day to bury bad news”, on the day of the US Presidential Election, RBS issued a press release announcing a new complaints process, to be overseen by an independent third party in the form of a of a retired High Court judge, Sir William Blackburne, and an automatic refund of certain fees paid by SME customers in the bank’s Global Restructuring Group (“GRG”) between 2008 and 2013....
RBS 'misled' judge overseeing £400m compensation scheme
The Week
14 November 2016
Royal Bank of Scotland (RBS) and the City regulator are facing fresh criticism over a £400m compensation scheme for small business customers mistreated by its restructuring division.
Vindicated but still victimised, businesses attack ‘flawed’ report
The Times
14 November 2016
Not everyone spent last Tuesday glued to the presidential election in the United States. For thousands of companies who were mistreated by Royal Bank of Scotland’s restructuring division, the day will be remembered as one that brought vindication.
The Times
14 November 2016
The former high court judge who will oversee RBS’s compensation scheme for thousands of companies mistreated by its restructuring unit was misled by the bank in a court case over a business dispute.
RBS set for lawsuit following FCA investigation
ITV News
8 November 2016
Ever since Ross McEwan took over as chief executive of Royal Bank of Scotland (RBS) in 2013, he's had to contend with persistent allegations that from 2008 to 2013 the bank systematically defrauded thousands of its small business customers.
RBS facing £400m bill to compensate small business customers
The Guardian
8 November 2016
Royal Bank of Scotland has apologised to small business customers as it revealed a £400m bill to compensate them for poor treatment in the wake of the banking crisis.
Financial Conduct Authority
8 November 2016
The statement addresses the announcement made by RBS today regarding customers transferred to its Global Restructuring Group (GRG), gives a summary of the findings of the report by Promontory Financial Group (Promontory) and sets out the next steps which the FCA will take.
RBS small business allegation not backed by report
Financial Times
30 October 2016
A long-awaited report into a unit of Royal Bank of Scotland has found no firm evidence that it deliberately pushed small businesses into bankruptcy for its own profit.
RBS 'Dash for Cash' scandal: 500 firms suing bank turn anger on regulator
Herald Scotland
16 October 2016
A GROUP of almost 500 businesses suing the Royal Bank of Scotland for allegedly destroying their firms and seizing their assets is threatening legal action against the Financial Conduct Authority if it does not immediately publish its long-awaited report into the scandal.
Hamilton rejects probe into Ulster Bank and RBS 'dash for cash' claims
Belfast Telegraph
14 October 2016
The Economy Minister has said he is 'deeply disappointed' about allegations that Ulster Bank and parent firm RBS secretly tried to profit from struggling businesses.
They took everything away apart from my entrepreneurial talent
Eastern Daily Press
14 October 2016
Andrew Gibbs blames the Royal Bank of Scotland (RBS) for the collapse of his successful creative industries firm which helped revamp King Street in the city in the mid 2000s from a red-light district to a cultural quarter.
RBS, taxpayer-funded bank in asset-stripping scandal!
Talk2MeRadio - Jon Gaunt (Audio Link)
12 October 2016
RBS has been asset-stripping good businesses, putting them to the wall and taking advantage of their situation......
The Dash For Cash: Leaked Files Reveal RBS Systematically Crushed British Businesses For Profit
Buzzfeed News
10 October 2016
The Royal Bank of Scotland killed or crippled thousands of businesses during the recession as a result of a deliberate plan to add billions of pounds to its balance sheet, according to a leaked cache of thousands of secret documents......
FCA receives report into claims of malpractice at RBS Global Restructuring Group
Express and Star
5 October 2016
The Financial Conduct Authority (FCA) said it has received a report investigating allegations of malpractice at Royal Bank of Scotland's (RBS) Global Restructuring Group (GRG).....
Companies hurt by RBS pursue the regulator
The Times
12 September 2016
Hundreds of businesses are threatening the City regulator with legal action because of delays to a long-awaited report into the activities of Royal Bank of Scotland’s restructuring unit.
You’ll get a report but when? - just where is the Section 166 report?
Lexology
22 July 2016
MP for Bassetlaw, John Mann MP, yesterday put questions to Andrew Bailey, CEO of the Financial Conduct Authority at the Treasury Select Committee on Wednesday 20th July 2016.....
Royal Bank of Scotland faces wider scandal over Libor rigging
Exaronews.com
23 May 2016
Royal Bank of Scotland faces wider scandal over Libor rigging.
Former head of Project Rosetta to review GRG claims
Seneca Banking Consultants
9 May 2016
As the Financial Conduct Authority’s report into RBS’s Global Restructuring Group (GRG) nears completion, RBS has appointed a familiar face to head up their response.
RBS faces £400m claim it bullied and ripped off property company
The Telegraph Business
7 May 2016
Royal Bank of Scotland has been accused of misleading a property tycoon into taking out an interest rate swap which allegedly forced his firm into financial distress, then “bullying” him when he questioned the bank’s actions.
RBS share price: FCA in final stages of report on bank's business clients
Invezz
27 April 2016
The Financial Conduct Authority (FCA) is in the final stages of completion of its keenly-awaited review of alleged mistreatment of business customers by Royal Bank of Scotland Group (LON:RBS), Reuters has reported. The news comes ahead of RBS' first-quarter results later this week.
Couple fight off bank attempt to block big compensation claim.
Midlands News Express and Star
25 April 2016
A businessman and his wife have a fought off a bank's bid to block key elements of their multi-million pound compensation claim over the alleged mis-selling of a complicated interest rate swap.
Royal Bank of Scotland faces call to compensate GRG victims
Exaronews
19 April 2016
Bosses at the Royal Bank of Scotland face pressure to set up a compensation scheme after its restructuring unit fleeced assets from “distressed” businesses.
Angel Group - Conflict liquidators appointed to investigate conspiracy claims against bank
Lexology
16 February 2016
Conflict liquidators have been appointed by the High Court to a group of companies to investigate claims by the director that the companies’ bank had artificially distressed the companies and driven them into administration.
Exclusive: Whistleblowers betrayed by FCA
The Times
25 January 2016
The Financial Conduct Authority has been accused of betraying the confidence of whistleblowers by passing on evidence and sensitive information to the high street banks that were the subject of their complaints.
RBS share price: MPs urge government to suspend sell-off
Invezz
6 November 2015
MPs have urged the government to suspend further sales of shares in Royal Bank of Scotland Group (LON:RBS), and instead to consider breaking up the bailed-out lender. The comments come about three months after the Treasury started offloading its near 80-percent holding in the bank.
Special Report - Why RBS may pay small firms it allegedly ruined
Reuters
23 September 2015
One morning in May, the chief executive of Royal Bank of Scotland, one of Britain's biggest banks, called together his senior executives for an urgent briefing. Ross McEwan had just attended a meeting with officials at the financial regulator and had important news.
Pressure grows on RBS as victims of restructuring scandal cry foul at "conflicted" advisors
Herald Scotland
30 August 2015
A former Aberdeen oil firm owner who accuses RBS of "stitching up” his business has criticised the bank for appointing the accountancy firm that handled his firm's administration to review alleged wrongdoing by RBS's global restructuring group (GRG).
RBS faces conflict of interest accusation
The Sunday Times
16 August 2015
Advisers that have acted for the bank in bankruptcy cases now being investigated.
Lawyers step into RBS restructuring row
The Times
10 August 2015
Royal Bank of Scotland has hired PwC alongside two law firms to lead a fresh investigation into whether its restructuring division forced viable businesses to fail.
RBS hires advisers to look at treatment of small businesses
Reuters
22 July 2015
Royal Bank of Scotland (RBS.L) has appointed external advisers to launch a fresh investigation into its treatment of small business customers, sources familiar with the matter said.
RBS to launch new probe into treatment of small businesses
Letter from the Treasury Committee Chair to Andrew Bailey FCA Global Restructuring Group (GRG) - Complaints Review Process and Redress For over three years, the Treasury Committ~e has been pressing for reasonable treatment for
the many businesses that have been at the wrong end of RBS' Global Restructuring Group's bad
practice. It is a step forward that, in the light of the FCA's mishandling of the IRHP redress
scheme, the arrangements for redress announced by RBS on 8 November will be handled
independently, by a recently retired high court judge. Shredded: Inside RBS the bank that broke Britain. The book, written by Ian Fraser, is a product of one-to-one interviews with hundreds of current and former employees and related companies and provides a definitive account of the failings of RBS and also deals extensively with the activities of GRG.Resources
