06 Dec 2018
Britain’s financial watchdog is being taken to court over its handling of an investigation into Royal Bank of Scotland’s (RBS.L) restructuring unit which has been criticized for its treatment of small businesses after the 2008 financial crisis.
Scottish businessman and frequent RBS critic Neil Mitchell has filed an application for a judicial review into the Financial Conduct Authority’s (FCA) decision not to sanction any executives of the bank’s Global Restructuring Group (GRG), according to court documents seen by Reuters on Wednesday.
The case has the potential to reopen one of the longest-running and most painful sagas in the bank’s recent history, which has seen RBS criticized by lawmakers and forced to set up a 400 million pound ($511 million) compensation scheme over its treatment of small businesses.
– By Lawrence White, Iain Withers, Reuters, 5 December 2018.
Link to Reuters.
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