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RBS faces criminal probe by Serious Fraud office over claims it killed off small firms for its own gain The Royal Bank of Scotland is facing a criminal investigation over accusations it deliberately killed off small businesses for its own gain. The Serious Fraud Office is considering a probe into the taxpayer-owned bank’s treatment of its business customers. It is looking into whether RBS systematically defrauded companies by forcing them out of business. The SFO’s inquiries are at an early stage and a full-scale formal investigation has not yet been launched. A spokesman for the SFO said: ‘We are aware of the issue and are monitoring developments.’ It is weighing up whether the bank was engaged in poor business practice that remained within the law, or whether it crossed the line into criminal behaviour.  This week RBS was accused of engineering the destruction of ‘good and viable UK businesses’. The allegations were made in a damning report by Lawrence Tomlinson, the ‘entrepreneur in residence’ at the Department of Business.  Business Secretary Vince Cable said he was ‘appalled’ by the study, while Chancellor George Osborne described the claims as ‘shocking’. The report suggested the lender manipulated customers into committing minor breaches of their loan terms in order to shunt them into a special division known as the Global Restructuring Group (GRG). Once in the clutches of the GRG, the firms were hit with exorbitant interest rates and fees, causing some to collapse. That enabled RBS to strip their assets at rock-bottom prices, it was claimed. The SFO is examining some of the cases in the Tomlinson report. City watchdogs the Prudential Regulatory Authority and the Financial Conduct Authority are also launching inquiries and RBS has started its own investigation led by top City lawyer Clifford Chance. It has also emerged that the bank’s lending to small businesses has collapsed by £17billion since it was rescued by the taxpayer in 2008. At its peak, RBS lent £55billion to small firms.  Now, it is £38billion, according to a report by Sir Andrew Large, former Bank of England deputy governor. Courtesy of Mail Online.
It is not often that we come across a news item which demands Special Attention!  Below is an Article from the Mail Online which highlights allegations made against Royal Bank of Scotland.   Some may say that regulations placed on financial institutions may be too rigid, read on... Bearing in mind that the allegations are yet to be fully investigated, they have shown that some financial institutions may have little regard for their loyal customers.  Watch this space.
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The Royal Bank of Scotland is facing a criminal investigation over accusations it deliberately killed off small businesses for its own gain. The Serious Fraud Office is considering a probe into the taxpayer-owned bank’s treatment of its business customers. It is looking into whether RBS systematically defrauded companies by forcing them out of business. The SFO’s inquiries are at an early stage and a full-scale formal investigation has not yet been launched. A spokesman for the SFO said: ‘We are aware of the issue and are monitoring developments.’ It is weighing up whether the bank was engaged in poor business practice that remained within the law, or whether it crossed the line into criminal behaviour.  This week RBS was accused of engineering the destruction of ‘good and viable UK businesses’. The allegations were made in a damning report by Lawrence Tomlinson, the ‘entrepreneur in residence’ at the Department of Business.  Business Secretary Vince Cable said he was ‘appalled’ by the study, while Chancellor George Osborne described the claims as ‘shocking’. The report suggested the lender manipulated customers into committing minor breaches of their loan terms in order to shunt them into a special division known as the Global Restructuring Group (GRG). Once in the clutches of the GRG, the firms were hit with exorbitant interest rates and fees, causing some to collapse. That enabled RBS to strip their assets at rock- bottom prices, it was claimed. The SFO is examining some of the cases in the Tomlinson report. City watchdogs the Prudential Regulatory Authority and the Financial Conduct Authority are also launching inquiries and RBS has started its own investigation led by top City lawyer Clifford Chance. It has also emerged that the bank’s lending to small businesses has collapsed by £17billion since it was rescued by the taxpayer in 2008. At its peak, RBS lent £55billion to small firms.  Now, it is £38billion, according to a report by Sir Andrew Large, former Bank of England deputy governor. Courtesy of Mail Online.
It is not often that we come across a news item which demands Special Attention!  Below is an Article from the Mail Online which highlights allegations made against Royal Bank of Scotland.   Some may say that regulations placed on financial institutions may be too rigid, read on... Bearing in mind that the allegations are yet to be fully investigated, they have shown that some financial institutions may have little regard for their loyal customers.  Watch this space.
RBS faces criminal probe by Serious Fraud office over claims it killed off small firms for its own gain
© 2018