Full RBS Global Restructuring Group Report Must Be Published Urgently To Help Victims

Responding to Treasury Select Committee Chair Nicky Morgan’s urging of the Financial Conduct Authority (FCA) to outline a time-scale for publishing the full skilled persons’ report on Global Restructuring Group (GRG) it commissioned in 2014, Federation of Small Businesses (FSB) National Chairman, said:

“Victims have waited months for the full skilled persons’ report on GRG to be published. Hundreds of former small business owners who were victims of GRG are still yet to receive redress. The full Promontory report could be the key to them obtaining the compensation they’re due.   

“The focus now has to be on preventing another GRG in future. The FCA’s proposals for increasing the remit of the Financial Ombudsman fall well short of the mark. The recommendations don’t include extending FCA regulation to small business lending, providing redress through the Ombudsman for business owners whose firms have gone under or increasing the Ombudsman’s award limit. As such, the beefed-up Ombudsman as envisaged by the FCA would not support victims of a future GRG.”