Royal Bank of Scotland: Small Businesses

Treasury written question – answered on 21st 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 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.

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

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.

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