FCA appoints Promontory and Mazars to review RBS failures

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The Financial Conduct Authority (FCA) has appointed consultancy Promontory Financial Group and accountancy firm Mazars to lead its skilled persons (s166) review into the failures around the Royal Bank of Scotland (RBS)'s lending practices to small firms.

The report will examine the bank's treatment of business customers in financial difficulty, amid allegations it put businesses into default so it could boost profits. The decision by the regulator to launch an independent s166 review followed damning reports by Sir Andrew Large into the bank's lending practices and, separately, by Dr Lawrence Tomlinson into banks' treatment of customers experiencing financial problems. The first stage of the review will examine RBS' treatment of a sample of customers referred to its Global Restructuring Group, and whether any poor practices identified...

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