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Business Secretary seeks response to evidence of RBS's handling of ailing businesses
Business Secretary Vince Cable has passed evidence of Royal Bank of Scotland's treatment of small businesses to City watchdogs amid allegations that the bank seized assets from firms to benefit its own property empire.The taxpayer-backed lender is facing a series of damning accusations over its handling of small businesses in a report due to be published on Monday by businessman Lawrence Tomlinson, who acts as entrepreneur in residence at the Department for Business, Innovation and Skills. Mr Cable confirmed he has referred the report to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), as well as RBS and Sir Andrew Large, who is also due to publish his full RBS-commissioned review into small business lending at the group on Monday.
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Accordingly, the FCA is taking the following actions:
Clive Adamson, Director of Supervision at the FCA, said:
“These allegations, if proved, raise serious concerns about how banks’ treat their customers. An SME’s relationship with its bank is essential for any business to have a chance to succeed, and claims like the ones made threaten to undermine that. We expect all firms to act with integrity and put customers at the heart of their business.”