Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he has taken to ensure that the sale of the Government's shareholding in Royal Bank of Scotland Group does not have detrimental financial implications for customers of the banks in that group.

Royal Bank of Scotland (RBS) is a commercial company in which the Government is a currently a shareholder. The Government’s shareholdings are managed on an arm’s length basis by UK Financial Investments (UKFI). UKFI’s role is to manage the shareholdings, not to manage the bank.

The Government created a new, tough City regulator, the Financial Conduct Authority (FCA), to protect customers and ensure Britain’s banks conduct themselves to the highest standards. Irrespective of shareholder makeup, and in common with all UK banks, RBS is subject to the FCA’s Banking Conduct Regime, which covers the treatment of customers. RBS is required to fully comply with this regime going forward.