The UK's financial watchdog has defended its handling of a report into Royal Bank of Scotland's treatment of small business customers following claims it failed to publish the document over fears of being sued.
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.
Richie Boucher yesterday announced plans to step down from the top job at Bank of Ireland which he has held since the height of the banking crisis, indicating the lender was all but restored to full financial health. A search for his replacement has already begun.
The Financial Services Union (FSU) said the proposed sale by the Government of a stake in AIB was a matter of “concern” as the union said it would recommend its members vote to accept an average pay rise of 5.5% over two years at the State-owned lender.
Royal Bank of Scotland, which is the parent company of Ulster Bank, is to separate its retail operations from its higher-risk businesses in a major overhaul to meet new ring-fencing rules in the UK, which also means the RBS brand will only be used in Scotland.