Treasury Select Committee Member John Mann MP has said that today’s decision from the Royal Bank of Scotland to compensate business owners who were appallingly treated by its Global Restructuring Group simply isn’t enough.
RBS has today announced a new complaints process for customers whose businesses were put into its GRG unit and a compensation scheme for businesses who were charged outrageous fees by the bank whilst in the GRG.
As a member of the Treasury Select Committee John Mann MP has been involved in the investigations into the behaviour of RBS’ GRG Unit for over three years.
John Mann MP said “The actions of the Global Restructuring Group resulted in hundreds of businesses in Yorkshire and the Midlands being forced into liquidation and cost people not only their livelihoods but also their homes and families.”
John Mann continued “With their actions today RBS has finally admitted that it has not done nearly enough to compensate those people who were forced into its restructuring unit.”
“A £400 million compensation scheme simply isn’t enough, we the taxpayers and part owners of RBS along with their customers need to know why this was allowed to happen.”