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.
READ MORE: Top RBS managers to blame for failings of division, says leaked report
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.”
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here