FCA RBS report leaked
Posted: August 25th, 2017, 6:16 pm
The full FCA report on the RBS restructuring unit's mistreating of its clients has been leaked.
http://www.bbc.co.uk/news/business-41048691
The RBS department set up to help companies in trouble mistreated nearly all its clients, a leaked report for the Financial Conduct Authority says.
It found some "inappropriate action" - such as interest charges being raised or unnecessary fees added - was experienced by 92% of viable firms seen by RBS's Global Restructuring Group.
Unfortunately it looks like the FCA doesn't think it has any powers to act in this area
The City watchdog also admitted that it may in fact lack the powers to take action when SMEs face mistreatment: "The activities carried out by GRG are largely unregulated; therefore, the FCA's powers are limited in this area.
http://www.bbc.co.uk/news/business-41048691
The RBS department set up to help companies in trouble mistreated nearly all its clients, a leaked report for the Financial Conduct Authority says.
It found some "inappropriate action" - such as interest charges being raised or unnecessary fees added - was experienced by 92% of viable firms seen by RBS's Global Restructuring Group.
Unfortunately it looks like the FCA doesn't think it has any powers to act in this area
The City watchdog also admitted that it may in fact lack the powers to take action when SMEs face mistreatment: "The activities carried out by GRG are largely unregulated; therefore, the FCA's powers are limited in this area.