RBS-GRG/NatWest-GRG

Royal Bank of Scotland (RBS) Business banking dispute unresolved? NatWest Business Banking dispute unresolved?

FCA slammed over ‘whitewash’ RBS GRG report - The Financial Conduct Authority (FCA) today published its report into why it was unable to take enforcement action against senior individuals within the GRG, which has been accused of stripping its customers assets to shore up its own balance sheet at the time of the financial crisis. 

Kevin Hollinrake MP, co-chair of the APPG on fair business banking, said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role. 

“The FCA must publish a full account of its findings including naming those responsible for the shameful mistreatment of thousands of UK SMEs.” 


“Phase two of the FCA’s own final requirement notice was supposed to ‘consider the root causes’ and establish whether ‘the causes of such treatment were known about, authorised by and/or sanctioned by management within RBS Group’. They have manifestly failed to do this. - City A.M. 13th June 2019

RBS makes first profit in a decade - RBS ceo interviewed and questioned very thoroughly on GRG Report - 23rd February 2018 - Channel 4 News – Business Editor

IBAS Comment: RBS published their profit in the same week as the GRG Report was finally published by the Treasury Select Committee. It is obvious that the GRG Report was ‘held back' by the FCA - I cannot see any other explanation than that was to assist the bank. The GRG Report made “tough reading” for RBS ceo. He says: "We just didn't look after them well enough" - Try, you didn’t look after them at all - that would be much more accurate. The great number of businesses thrown into chaos and destruction by RBS and NatWest using the GRG Unit is totally inexcusable. The Report now shows that RBS/GRG ‘rip off’ tactics were neither ‘turnaround’ nor TCF but an organized bank strategy which would destroy thousands of businesses who were ‘herded’, lied to and cruelly sent to business ‘hell’ for the bank to exploit for profit and finally destroy (in many cases) all for fat profits and bonuses (yes, they were paid bonuses as well). Some of those targeted businesses had merely complained about their business managers.

Whilst RBS ceo may not be personally responsible for those decisions - others were formulating those decisions and coordinating a systematicfinancial exploitation of UK Businesses in a targeted, sustained, mass looting and asset theft. The individuals responsible for those crimes against UK Businesses should now be held fully accountable. The definition of theft is: A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it’.

It appears logical to many that the next actions against the RBS/NatWest GRG perpetrators (who thanks to the FCA have had another two years grace, whilst avoiding any responsibility) is that they face criminal prosecution/s. This debacle has a much wider value than the HBOS Reading fraud and has affected a great many more people and businesses - So, let’s see the RBS/NatWest GRG perpetrators ‘cut from the herd’ named and shamed and then properly dealt with - as until they are, this debacle will not be over. - 25th February 2018 - Eddy Weatherill - IBAS

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