Royal Bank of Scotland (RBS) could face costs of £400m in compensation to small businesses that it treated poorly during the financial crisis. The bank has been accused by MPs and campaigners for its treatment of customers who were forced into repossessions after being wrongly told they had no chance of getting a mortgage or home loan. The Financial Conduct Authority (FCA) has produced an update on its delayed report into RBS’s conduct. A review is under way into whether bonuses should be withheld from former and current staff involved in the bank’s now now-defunct global restructuring group (GRG), which is at the heart of the complaints. The FCA confirmed that it had identified poor practice at the bank, but denied that RBS deliberately undermined businesses to boost its own profits.
Royal Bank of Scotland (RBS) could face costs of £400m in compensation to small businesses that it treated poorly during the financial crisis. The bank has been accused by MPs and campaigners for its treatment of customers who were forced into repossessions after being wrongly told they had no chance of getting a mortgage or home loan. The Financial Conduct Authority (FCA) has produced an update on its delayed report into RBS’s conduct. The FCA confirmed that it had identified poor practice at the bank, but denied that RBS deliberately undermined businesses to boost its own profits.