RBS’s business turnaround unit GRG was shut down in 2014 after a plethora of allegations about the financial harm it had brought to small businesses, but the controversy around it has never died down.

There were numerous allegations that struggling businesses which were referred to the unit – ostensibly to help them – had no choice but to accept proffered deals, often to their own significant cost.

On more than one occasion we heard claims that firms had been forced out of business and asset-stripped by the predatory GRG.

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The Promontory report – not comfortable reading for RBS – is extensive and every bit as complex as you might expect from a tome like this, and it makes pages of recommendations for the bank to improve its governance arrangements and those around transfer in and out of the turnaround unit (now defunct); to provide a greater focus on turnaround options where these are viable; rethink its approach to pricing in respect of distressed SME customers; and review its policies and practices around dealing with customers and on complaints.

Lest we forget, taxpayers still own 73 per cent of RBS, and campaigners want the immediate suspension or removal of chairman Sir Howard Davies and CEO Ross McEwan, pending completion of all investigations.

They add: “In 2018 No bank is too big to fail. In 2018 No bankers can be allowed to be above the law.”