18th Dec 2015 07:15
LONDON (Alliance News) - UK regulators on Thursday pushed back an announcement about a review into Royal Bank of Scotland's treatment of business customers in financial difficulty.
The bank has faced allegations that its Global Restructuring Group, which has since been closed, mistreated small businesses for its own gain.
Chief Executive Ross McEwan has previously called the allegations a "plague" on the bank's reputation.
"The work is ongoing and good progress has been made, and all parties remain keen to complete this complex review quickly. An announcement will be made as soon as possible in 2016," the Financial Conduct Authority said in a statement.
An announcement had previously been expected before the end of 2015.
"Those affected will find this disappointing. The longer the delay, the longer that small firms ? possibly forced out of business by GRG ? may have to wait to receive compensation. This is because RBS will only take a decision on a possible redress scheme after the regulators' report is published," Andrew Tyrie MP, chairman of the influential Treasury Select Committee, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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