Royal Bank of Scotland (RBS) and its senior managers have escaped any chance of a penalty after the Financial Conduct Authority admitted it has “very limited” powers to take any action against the bank following allegations that its specialist turnaround unit asset-stripped struggling businesses.
Last year, the Financial Conduct Authority (FCA) launched an investigation into RBS’s Global Restructuring Group (GRG) following accusations that the unit pushed its small-business customers into bankruptcy to boost its own profits rather than help them like it was supposed to.
