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Regulator’s report on RBS treatment of small businesses was fair, TSC advisers say

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  • 28/11/2017
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Regulator’s report on RBS treatment of small businesses was fair, TSC advisers say
An interim summary on RBS’ treatment of struggling small business customers by the Financial Conduct Authority (FCA) was a fair and balanced account of a review on the bank’s practices between 2008 and 2013, according to two advisers appointed by the Treasury Select Committee.

However, the specialist advisers for the committee Andrew Green QC and Fraser Campbell found the FCA chose to leave out certain findings about management’s knowledge of the failings of RBS’s Global Restructuring Group (GRG), a support unit for troubled companies.

The regulator explained that it left out these details because those who might potentially be implicated have not had the opportunity to respond to the findings.

It comes after MPs from the Treasury Select Committee demanded regulators release the full report on alleged failings by the unit, following a high-level summary last year and an interim summary in October.

FCA chief executive Andrew Bailey has resisted calls to publish the full report, which he said he did not believe was in the public interest.

The regulator is still investigating select matters highlighted by the review and looking at whether there is any basis for further action within its powers.

RBS last year put aside £400m to compensate small business customers where it has accepted fault and to refund certain fees.

The Treasury Select Committee has not made any comment in relation to the final summary.

And RBS also declined to comment.

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