No FCA action against RBS after mistreatment of small businesses
City watchdog says its inability to discipline bank in no way means it condones behaviour
The City watchdog is to take no disciplinary action against Royal Bank of Scotland over its mistreatment of small business customers struggling after the banking crisis.
The Financial Conduct Authority said it lacked the powers to discipline RBS for misconduct, despite the “widespread inappropriate treatment” of small businesses by the bank’s global restructuring group (GRG) between 2008 and 2013.
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Author: Julia Kollewe