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UK watchdog says outsider will assess RBS lending
November 29, 2013 / 3:11 PM / 4 years ago

UK watchdog says outsider will assess RBS lending

LONDON, Nov 29 (Reuters) - Britain’s financial watchdog said it will appoint an independent professional to look at the business lending practices of Royal Bank of Scotland following two damning reports alleging it sought to profit from troubled customers.

The Financial Conduct Authority also said it is writing to all other relevant banks “seeking confirmation that they are satisfied they do not engage in any of the poor practices alleged in the reports.”

RBS, which is 82 percent owned by the government, has been accused by government adviser Lawrence Tomlinson of pushing struggling small firms into its “turnaround” unit, so it could charge higher fees and interest, and take control of their assets.

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