FCA unable to act on RBS small business unit

"The Government should stand ready to introduce any legislation required when it sees the outcome of current reports on redress and should also urgently consider what additional powers the FCA requires to act in cases such as GRG."

More than 12,000 companies were transferred into GRG between 2007 and 2012.

In November 2013 Lawrence Tomlinson, then entrepreneur in residence at the Department for Business, Innovation and Skills, claimed RBS artificially distressed otherwise viable businesses and through their actions puts them on a journey towards administration, receivership and liquidation.

The following year, in January 2014, the FCA announced a review of the conduct of GRG.