Cable refers RBS to FCA for 'driving healthy companies into the ground'

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RBS, the taxpayer-owned bank, has been accused of killing off small businesses to seize assets for its own property empire, in evidence referred to financial watchdogs by business secretary Vince Cable, according to reports.

The Sunday Times said an investigation into the bank - 82%-owned by the government - carried out by one of Cable's closest advisers had uncovered evidence that "healthy" and "vibrant" businesses were forced into default so RBS could make more profit. Government adviser Lawrence Tomlinson's report is to be officially released today, with the report's findings sent to the Financial Conduct Authority and the Prudential Regulation Authority. Tomlinson said: "RBS has forced vibrant businesses into financial trouble, only to profit from their distress by squeezing them for exorbitant fees a...

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