RBS pegs its bill for claims by SMEs in Britain to £400m

Royal Bank of Scotland (RBS) said its potential bill for claims against its small business restructuring division will remain at £400m (€448m) after misconduct allegations against it were dismissed by Britain’s financial regulator.

The FCA published a detailed summary of a report into RBS’ Global Restructuring Group after customers had accused the GRG of pushing ailing firms into bankruptcy to pick up their assets on the cheap.

The watchdog last year effectively cleared RBS of the many of the allegations by customers. The bank set up the £400m scheme to reimburse fees to customers who say they were mistreated.