Patrick Grady – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Patrick Grady on 2015-12-16.

To ask Mr Chancellor of the Exchequer, what discussions he has had with (a) UK Financial Investments and (b) Royal Bank of Scotland about the effects of decisions by the bank’s Global Restructuring Group on (i) small businesses and (ii) the economy of the UK.

Harriett Baldwin

The Government is aware of the reports published by Sir Andrew Large and, separately, by Dr Lawrence Tomlinson into Royal Bank of Scotland (RBS)’s treatment of customers and businesses in financial difficulty.

The Financial Conduct Authority (FCA) has appointed Promontory Financial Group and Mazars to independently review the allegations in the reports against RBS’s practices. If the findings from the review reveal issues which come within the FCA’s remit, the FCA will consider further regulatory measures.

The Government’s shareholding in RBS is managed at arm’s length from HM Treasury by UK Financial Investments (UKFI). However, UKFI’s role is to manage the investment, not the bank. Commercial affairs remain the responsibility of the bank’s independent management team.

RBS is making progress to deal decisively with the problems of the past, which will allow it to become a simpler, safer and more focused bank that works for the UK economy. Under the leadership of Ross McEwan RBS has made good progress in becoming a simpler, safer and more focused bank that works for the UK economy.