MPs slam FCA’s ‘whitewash’ final report into RBS GRG scandal

Industry News | 13/06/19

The FCA has published the final report on its investigation in to Royal Bank of Scotland’s treatment of SME customers transferred to its Global Restructuring Group (GRG).

In an update provided in July 2018, the regulator announced that it would take no action against RBS, despite finding “widespread and systematic” mistreatment of customers. The FCA has defended its reasons for taking no action as GRG’s business was largely unregulated and therefore not subject to the FCA’s regulatory conduct standards. The regulator said that its “powers to take action in such circumstances, even where the mistreatment of customers has been identified and accepted, are very limited”.

Source: financial reporter