The Finance body was responsible for the controversial RBS GRG unit



[ad_1]

RBS Offices in LondonPhotocopy
AFP

Evidence has emerged from a governmental group role in the controversial World Bank of Scotland (RBS) World Restructuring Group (GRG).

The Asset Protection Agency has influenced the GRG strategy, and # 39; including decisions that proved the fortunes of business users, learn the BBC.

Different court evidence says that his / her agency asked RBS to back up customer support, when the bank did not want.

RBS said that he did not agree with the long bids and the Finance Department refused to give an opinion.

More than 16,000 small business users were transferred to the RBS Global Restructuring Group. In what the MPs have said to be the worst scandal of the financial disaster, GRA was detected in an official report that released to the Financial Behavior Commission that thousands of business users had misused. Many were damaged and others lost not only their livelihood, marriages and physical and mental health.

Oliver Morley Estates, a business based company located in the northwest of England, who opens a case against the RBS, GGG managers asked to recommend recommending much of the business due to the views of the Asset Protection Agency (APA).

E-mail addresses mentioned in the court indicate that RBS was to support the rescue proposal, organized by the founder of Oliver Morley again. re-fund more than £ 70m of loans to its group with the help of another bank, and believe it is "the best option for a bank".

However, the Finance Finance Security Agency has hindered its bank from being able to; do so, according to evidence published in court. Instead he wanted the building to be sold to the RBS property division itself, West Bank.

& # 39; Shorter decision still & # 39;

The court heard that RBS managers had a " see APA's opinion as "definitely their shortest decision yet". But RBS staff thought that APA's views are clear and unlikely to change. "

Under the Asset Protection Scheme, part of the government's defense in the financial crisis, loans amounted to £ 282bn insured against taxpayer taxpayers, which could limit RBS's losses.

Between 2009 and 2012 Asset Protection Group staff were responsible for monitoring the scheme. Its purpose is "to maximize the value of the property in the scheme and reduce the likelihood of payments".

Ùisdean Sims QC, the GRG user, Oliver Morley, told the High Court that internal banking mail was also published as part of civil matters. recommends that things become more personalized "within GRG".

In one internal email exchange that considers Mr Morley's attempts to & # 39; keeping up with his business, GRA staff say "the lender is tasted". In the other they look forward to "Morley" next Tuesday.

In another email addressing her & # 39; Their recommendation to sell its features to the bank share of the property, GRG staff say that if it agrees with "its head on a spike" heard by its court.

RBS said he "agrees basically to Mr Morley's claims and does not believe they have any value".

"He is strongly attacked in the court. The bank spent a loss of £ 30m on the £ 75m he gave to Mr Morley, who was an excellent consumer extensive professional advice. "

However, he said: "It was clear that the language used in the communications within this period from 2009 was unsuitable and there would not be any place in our current bank. These communications did not indicate the adverse effects of consumers. "

APA Impact

Covered from the court hearing, the impact of the Treasury's impact is restricted by the Asset Protection Group (APA) documents that previously failed to demonstrate the Treasury's organization that influenced the GRG strategy and how which it shows on consumer loans.

The official APA documents are also extracted from public sources which suggest that the bank has been banned from a & # 39; allows users to drop GRG from secure loans without agreement, and to provide an effective tax to the Finance Department of any refinancing by business buyers wishing to leave GRG.

Although GRG told users that it was there to help them with a # 39; Turning the business fortune, the report, which was released to the BBC in 2017, found that the bank did not; Trying to make profits from tricky businesses and breaking down rules on dealing fairly with customers.

BBC research is a & # 39; adds to the comments that GRG leader Derek Sach told the MP in 2014 that he could be responsible for bank finance to destroy a business user and that the Treasury group, the APA , a & # 39; Encourage bank to withdraw more business buyer loans.

The Finance election committee was asked if it could be in RBS's commercial interests to destroy a consumer to strengthen its balance, Mr Sach said:

"That's right and, as you know, the Asset Protection Agency was introduced in 2010 and always put us on to make more progress for that same reason, which I protest strongly during the time. A bit of a writer between me and those of threats and threats and not being prepared to do that. "

The report had been reduced to the BBC's & # 39; find unsuitable treatment of business users in GG in general, systematic and purposeful. Over nine out of ten customers suffered a type of poor medicine and only a small fraction returned to normal banking with their entire business.

Promontory, the consultees who wrote the report, pledged MPs to the Treasury election committee, who planned to review a separate study.

However, Andrew Bailey's Financial Conduct Authority chief executive decided instead to investigate the FCA itself. In the summer of 2018, he indicated that the FCA would not investigate, & # 39; obstructing allegations from people who suffered from small businesses GRG coverage.

The evidence given about the Asset Protection Agency's role is to suggest that government activists might be able to identify, which can be done. The Department of Finance appears to defend major claims.

Due to the new evidence, Oiver Morley Estates has advised that he intends to address his Majesty's Department of Finance for compensation for his job in eliminating business.

The FCA stated that it would publish a full report on performance research results in relation to the RBS GRG division.

[ad_2]
Source link