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FCA receives report into claims of malpractice at RBS Global Restructuring Group

Published 05/10/2016

RBS has denied claims its GRG unit had forced small firms to collapse so it could snap up their assets
RBS has denied claims its GRG unit had forced small firms to collapse so it could snap up their assets

The Financial Conduct Authority (FCA) said it has received a report investigating allegations of malpractice at Royal Bank of Scotland's (RBS) Global Restructuring Group (GRG).

The finance watchdog said consultancy firm Promontory Financial Group and accountants Mazars - the companies tasked with investigating RBS's small business restructuring division - had handed in their findings.

It added: " There are a number of steps for the FCA to complete before we are in a position to share our final findings, which will include an assessment of all relevant material, of which the skilled persons report is one.

"This has been a complex and lengthy review - it is therefore important that we do not rush the final stages of this process."

The report will investigate how RBS treated business customers in the wake of the 2008 financial crisis.

RBS has denied claims that its GRG unit had forced small firms to collapse so it could snap up their assets.

FCA chief executive Andrew Bailey told a Treasury Select Committee session in July that he hoped the GRG report would be published by the end of the year.

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