Norwich MP slams RBS over alleged mistreatment of small businesses
PUBLISHED: 17:24 06 February 2018 | UPDATED: 17:40 06 February 2018
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A Norwich MP has accused Royal Bank of Scotland executives of misleading parliament over the lender's mistreatment of small firms through its controversial restructuring unit.
Labour’s Norwich South MP Clive Lewis – who has seen an unredacted copy of the Financial Conduct Authority’s investigation into RBS – said it states the bank’s behaviour was “systemic and widespread”.
The shadow Treasury minister now believes that RBS executives, including chief executive Ross McEwan and chairman Sir Howard Davies, “misled the Treasury select committee in their evidence and had a stated policy of misleading members of this house”.
The state-backed lender has been dogged by allegations that it intentionally pushed small businesses towards failure in the hope of picking up their assets on the cheap.
“Far from being isolated incidents of poor governance as they claimed, this report explicitly states their behaviour was ‘systemic and widespread’,” Mr Lewis said.
An RBS spokesman said: “We are not clear on what basis the allegations are being made, but we would strongly deny the suggestion that we misled the committee.”