Nicky Morgan responds to FCA’s final report on RBS’s GRG
13 June 2019
The Financial Conduct Authority (FCA) has today published the final report on its investigation into RBS’s treatment of SME customers transferred to its Global Restructuring Group (GRG).
Commenting on the publication, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said:
“This long overdue report will offer no solace to those who suffered from the disgraceful actions of RBS’s GRG.
“As the Treasury Committee said in our SME Finance Report last year, the FCA should now be given the powers to regulate commercial lending to adequately protect SMEs.
“Disappointingly, the Government did not see a case for doing so; it should urgently reconsider its position. Otherwise, scandalous events such as those at GRG could re-occur.
“The Government should also reconsider its rejection of the Committee’s proposal for the introduction of a Financial Services Tribunal for SMEs to settle disputes with their bank.
“The Committee continues to take an interest in the progress of the complaints process and urges RBS to ensure that the remaining complaints are dealt with swiftly and fairly.
“The Committee may choose to raise this with the FCA when we take evidence from them on 25 June.”
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