Britains financial watchdog on Tuesday said Royal Bank of Scotland was guilty of systematic mistreatment of distressed small businesses that came to it for help, but cleared the bank of the most serious allegation that RBS forced businesses into default for its own benefit.
RBS announced alongside the reports findings that it will automatically refund complex management fees worth £400 million to small and medium-sized enterprises (SMEs) that went through its controversial restructuring process.
CEO Ross McEwan says the bank is very sorry for what happened to businesses that went through RBS restructuring arm between 2008 and 2013, and insists that: The culture, structure and way RBS operates today is fundamentall…
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