RBS vows probe into claim it profited from ‘distress’

Royal Bank of Scotland’s boss said he did not believe it had conducted a “systematic” effort to profit from its troubled business customers.

RBS, which is 82% owned by the UK government, has been accused by a government adviser of pushing struggling small firms into its “turnaround” unit, so it could charge higher fees and interest, and take control of their assets.

CEO Ross McEwan said yesterday a review into business practices at its global restructuring group would consider the allegations and take action if needed.