FCA begs more powers to address RBS failings

The bank said today that it has made refund offers for complex fees of more than £115m and the cumulative cost of the measures it has taken in response to this issue have been £440m.

Ross McEwan, the chief executive of RBS, said: “We have acknowledged for some time that mistakes were made and have apologised that we did not always provide the level of service and understanding we should have done for these customers in the aftermath of the financial crisis.

“The culture, structure and way RBS operates today have all changed fundamentally since the period under review.”

The FCA has said it is not allowed to publish the full review without the consent of everyone involved but it has agreed to allow a lawyer, appointed by the Treasury Select Committee, to make sure today’s summary is consistent with the full report.