FCA appoints RBS investigators

The Financial Conduct Authority (FCA) has appointed Promontory Financial Group and Mazars to conduct an independent skilled persons report examining Royal Bank of Scotland’s treatment of business customers in financial difficulty.

The report will consider allegations of poor practice set out in a previous report by Lawrence Tomlinson and referenced by Sir Andrew Large.

The FCA ordered the probe in Autumn last year (29 November) following claims the bank had forced firms out of business to benefit its own in-house property arm.

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In its first stage the review will consider RBS’ treatment of customers referred to its Global Restructuring Group, including some cases where customers have already raised concerns with Dr Tomlinson, the Department of Business, Innovation and Skills, and the FCA itself.

The review will also consider whether any poor practices identified are widespread and systematic.

If this is the case, the second stage of the review will identify the root cause of these issues and make recommendations to address any shortcomings identified.

Results of the investigation are due to be published in the third quarter of 2014.

If the findings reveal issues which come within the FCA’s remit it will consider further regulator measures.