APPG on Fairer Business Banking Statement Updates
The treatment of SMEs by RBS’ GRG and how does the current system fail to protect businesses?</ That this House is appalled at the conduct that has recently been exposed concerning the treatment of small and medium-sized enterprises (SMEs) by the Global Restructuring Group (GRG) unit of the Royal Bank of Scotland (RBS); notes that there are wider allegations of malpractice in financial services and related industries; believes that this indicates a systemic failure to effectively protect businesses, which has resulted in financial scandals costing tens of billions of pounds; believes that the solution requires the collective and collaborative effortRead more
At a recent UK Finance event Alison Rose was at pains to stress the need for substantial rebuilding of reputation and relationships incumbent on RBS. However, Mr McEwan’s comments seem like a throwback to what we hope is the past – of customers as legitimate prey who can simply been invited to sue if things go wrong. In any event it is a spectacular own goal, scored from the vantage point of a taxpayer funded ivory tower. Co-chair Lord Cromwell says: “Mr McEwan’s outburst exemplifies what is so wrong with the aggressive and heavy-handed RBS approach to its customers. ForRead more
The APPG is disappointed with the latest refusal by the FCA to release the S166 report, and urges the TSC to use its powers to force disclosure. Lord Cromwell, co-chair of the APPG commented: “We will have to see what the FCA summary includes, but for many people questions will inevitably remain as to what has been kept secret and why, whether the FCA has meaningful powers in SME banking matters – and if not, why not, and who has the whip hand – the regulator or the banks? The public and thousands of businesses affected remain in limbo whileRead more
The APPG on Fair Business Banking has for years been leading the call for an independent, quasi-judicial dispute resolution system between businesses and banks. Businesses have been forced to bear the brunt of the banks’ capital raising efforts. And this is not just the destruction of businesses: it is families, jobs, supply chains all devastated. It is unacceptable that we have a system that allows entrepreneurs—and the people who depend on them for employment— to be treated with contempt and denied any real prospects of defending themselves against the financial firepower of a multinational organisation with limitless resource. “Presently theRead more
The All Party Parliamentary Groups on Fair Business Banking and Alternative Dispute Resolution are launching an Inquiry into suitable mechanisms that can be employed to provide a long-term dispute resolution platform for businesses that find themselves in a financial dispute.Read more
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