What Matters Now Is Compensation For RBS GRG Victims

Responding to the Financial Conduct Authority (FCA)’s interim summary of its independent report on the treatment of smaller businesses by Royal Bank of Scotland (RBS)’s Global Restructuring Group (GRG), Mike Cherry, Federation of Small Businesses (FSB), National Chairman, said:

“Today’s FCA summary marks a welcome step forward in identifying exactly what happened to the victims of GRG.

“The summary states that there was a “systematic” failure to manage the conflicts of interest inherent in the turnaround division. It surely follows that we must be able to see the full report in future in order to see how that “systematic” failure happened and who was responsible. The authors themselves express their preference for a whole version to be made public.

“What really matters now is that GRG victims receive the compensation they’re due. Amid concerning reports about the scope of RBS’ £400 million compensation scheme for those affected, it’s encouraging to hear that we will receive quarterly updates on how the redress process is progressing.

“It’s also good to see the FCA once again discussing plans to expand the remit of the Financial Ombudsman. Whether it’s through a beefed-up Ombudsman, or an additional route to dispute resolution, we need to see the redress gap addressed.

“A decade is too long to wait for justice. We should be putting the victims first. That starts with equipping them with the information they need to achieve compensation.”