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.
The GRG unit, which operated between 2005 and its closure in 2013, stepped in when companies which banked with RBS experienced financial difficulties. GRG, which was marketed by RBS as …
Read the full article at: https://www.theguardian.com/business/2017/aug/25/rbs-mistreated-clients-leaked-fca-report-reveals