Vicki Owen For The Mail On Sunday
Lawyers acting for small firms that say they were driven out of business by Royal Bank of Scotland, have warned the City watchdog that it must act to ensure the bank compensates them fairly.
The Global Restructuring Group, RBS’s business recovery arm, has long stood accused of mistreating small firms in difficulty, and even driving some firms into insolvency.
The bank has denied the allegations, but announced last month it had set aside £400million to compensate small firms for failings in the way it handled them.
Accusations: The Global Restructuring Group, RBS’s business recovery arm, has long stood accused of mistreating small firms in difficulty
City law firm Berg said that the Financial Conduct Authority must examine the detail of the scheme, which has yet to be announced.
It said: ‘It would be wise to reserve judgment on the £400million fund until the detail has been clarified.’
The Treasury Select Committee has also pressed the FCA and RBS for detail on the scheme.