Royal Bank of Scotland: Small Businesses

HM Treasury written question – answered on 12th December 2017.

Alert me about debates like this

Photo of Bill Esterson Bill Esterson Shadow Minister (Business, Energy and Industrial Strategy), Shadow Minister (International Trade)

To ask Mr Chancellor of the Exchequer, what assessment he has made of the accuracy of reports that the minutes of the Financial Conduct Authority state that it could face legal action if it published the full section 166 report into RBS' treatment of SMEs.

Photo of Steve Barclay Steve Barclay The Economic Secretary to the Treasury

The handling of the section 166 Report into Royal Bank of Scotland’s treatment of SME customers transferred to GRG is a matter for the Financial Conduct Authority. The FCA has stated that conducting section 166 reports on the basis that they will not be published supports their effective use as an important supervisory tool.

The FCA has published a detailed summary of the main findings from the skilled persons report. The FCA announced it is investigating the matters arising from the report and focussing on whether there is any basis for it to take further action. It would not be appropriate for the government to comment further whilst this process is ongoing.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.