Royal Bank of Scotland: Small Businesses

(asked on 16th May 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the Answer of 15 May 2018 to Question 142837 on Royal Bank of Scotland: Small Businesses, what assessment he has made of the adequacy of the compensation scheme for SME customers of the Royal Bank of Scotland.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 21st May 2018

RBS’ recent commitments to establish an independent appeal process for consequential loss claims and to stand aside from any money that might be returned to them from redress paid to insolvent companies are important steps in improving the operation and transparency of the redress scheme for businesses affected by RBS' Global Restructuring Group.

The Financial Conduct Authority (FCA) has previously confirmed that RBS’ processes as part of the compensation scheme are appropriate steps for the bank to take, and the Treasury is in regular contact with the FCA about how the voluntary scheme is progressing.

Reticulating Splines