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FCA to take no action against RBS GRG unit

The Financial Conduct Authority has announced that no action will be taken against RBS and its senior managers over the activities of its Global Restructuring Group (GRG). The GRG is accused of deliberately destroying small firms so it could seize their assets in the aftermath of the financial crisis. The FCA said its powers were “very limited” and that there were no “reasonable prospects of success” when it came to action against senior managers. RBS chairman Sir Howard Davies welcomed the FCA’s conclusion that it would take no further action. He said the bank would await the publication of the FCA’s full account and would “reflect carefully on its findings to learn any further lessons from what was a hugely challenging time for the bank, its customers and the wider economy”. Nicky Morgan, chairman of the Treasury select committee, said it was “bewildering” that the watchdog could not act. “This demonstrates the need for a change in how lending for SMEs is regulated,” she added.
Gordon Deane at Balfour+Manson has been advising a number of the firm’s clients regarding bank related claims. If you would like to discuss any such matter with Gordon, please contact him on 0131 200 1485 or at gordon.deane@balfour-manson.co.uk.