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Part of Oral Answers to Questions — Business, Innovation and Skills – in the House of Commons at 9:30 am on 5th December 2013.

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Photo of Vincent Cable Vincent Cable The Secretary of State for Business, Innovation and Skills 9:30 am, 5th December 2013

I was well aware that Mr Tomlinson was an RBS customer. He has been very public in his comments about the bank for a long time. He was appointed as entrepreneur in residence at my Department —we seem to have a team of entrepreneurs—and has contributed valuable insights. I have referred his report to the regulator and the bank. Crucially, his accusations are echoed in the report published by Sir Andrew Large, who was appointed by RBS.

There are serious problems in the banking system, and in RBS in particular. Those problems need to be investigated, and I think that Mr Tomlinson has performed a useful service in making them public.