RBS mistreated clients, leaked FCA report reveals

Regulator claims the Global Restructuring Group was responsible for ‘inappropriate action’ against firms in financial difficulties

A division of the taxpayer-owned RBS bank which was meant to help companies in trouble mistreated many of its clients but did not try to “profit from their distress”, according to a leaked report by the regulator, the Financial Conduct Authority.

According to the report, seen by the BBC, investigators found “inappropriate action” by Global Restructuring Group (GRG) was experienced by 92% of “viable firms” they dealt with. This included increasing interest rates and charges and imposing unnecessary fees on many of its clients, whose numbers peaked at 16,000.

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