COMMONS

Transparency needed on the report into RBS' Global Restructuring Group

10 February 2017

The Treasury Committee publishes responses from Ross McEwan, Chief Executive Officer of RBS, and Andrew Bailey, Chief Executive of the Financial Conduct Authority, to letters regarding the new complaints review process for small medium sized enterprises customers in RBS' Global Restructuring Group (GRG), and to emphasise the need for greater transparency of the Independent Skilled Persons report on the treatment of SME customers transferred to GRG between 2008 and 2013.

Chair's comments

Commenting on the correspondence, Mr Tyrie said:

"More detail on the design of this scheme is welcome. It will help to give firms who fell victim to GRG's bad practices more confidence that they are to receive reasonable compensation. They deserve it.

Nonetheless, the public remains no better informed of when, and to what degree, further details of the Independent Skilled Persons report will be published. In July 2016, Andrew Bailey advised the Committee that a report would be published 'this year'.

In his latest letter to me, he suggests that it is to be the subject of Maxwellisation. This will do nothing for the concerns of small businesses who have been waiting so long for closure.

When it does come, the FCA's report needs to provide a full and comprehensive corroboration of both the conclusions reached by the Independent Skilled Person, and of the level of restitution determined."

Further information

Image: PA

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