RBS exonerated from abusive lending allegations


By Melissa Lesh

22 April 2014 at 08:02 BST


Law firm Clifford Chance LLP reported there is no evidence to support the accusation that the Royal Bank of Scotland (RBS) intentionally pushed small businesses into insolvency.

There is no evidence to support the accusation that the RBS intentionally pushed small businesses into insolvency. Gil C

 Following entrepreneur Lawrence Tomlinson’s claims that RBS was treating small firms poorly, the bank hired Clifford Chance to investigate.  In a report commissioned by the government, Tomlinson said he believed RBS was purposely putting small businesses into default in order to turn a profit. 

No evidence found

After Clifford Chance searched for evidence of Tomlinson’s claim, it found RBS did not profit in any way from the small businesses going into insolvency.  RBS CEO Ross McEwan said: ‘I welcome the Clifford Chance findings, which show no evidence of the serious and damaging allegation that we had set out to deliberately defraud our customers.”  The Financial Conduct Authority’s investigation is ongoing.  Source:BBC

 
 
   
 
 
 

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