Royal Bank of Scotland: Small Businesses

Treasury written question – answered on 15th May 2018.

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

To ask Mr Chancellor of the Exchequer, with reference to the oral contribution of the Economic Secretary to the Treasury of 10 March 2018, Official Report, column 978, what compensation he proposes be provided to the small business customers of Royal Bank of Scotland who were subject to inappropriate behaviour by that company.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In November 2016 the Royal Bank of Scotland (RBS) established a complaints process for small and medium-sized enterprises in their Global Restructuring Group (GRG) between 2008-2013, overseen by an independent third party, and took the decision to automatically refund complex fees paid by relevant customers to GRG during that period. RBS have set aside £400m for this scheme.

Following a meeting with the Chief Executive of RBS I received a letter on 9 May stating that RBS have also committed to setting up an independent appeal process for consequential loss claims under the redress scheme.

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