Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to progress the RBS Global Restructuring Group redress scheme.

In November 2016 the Royal Bank of Scotland (RBS) announced, with the agreement of the Financial Conduct Authority, a Global Restructuring Group (GRG) complaints process overseen by an Independent Third Party, and an automatic refund of complex fees paid by relevant customers in GRG between 2008 and 2013. This scheme is a commercial matter for RBS, and the Government has played no role in the establishment or operation of this scheme.

The Government’s shareholding in RBS is managed commercially and at arm’s length by UK Financial Investments (UKFI). RBS retains its own board which is responsible for commercial and operational decisions.