Page 35 - RBS GRG F Case Study

Parliamentary Debate

A wide-ranging parliamentary debate quickly followed

where MPs across all parties attacked regulators and

senior bankers for failing to offer victims adequate

redress.

Sir Vince Cable said the full report mentioned an:

"incriminating phrase": "Management knew or should

have known that this [was] an intended, co-ordinated

strategy, the mistreatment of business customers was a

result of that, and that the head of GRG responsible for

that policy, Mr Nathan Bostock, is now chief executive of

Santander."(10)

Cable went on to comment that Bostock was one of those

responsible for GRG when it engaged in an intentional

strategy that resulted in mistreatment of business

customers.

However, the FCA 2016 report, which the FCA’s chief

executive refused to publish in full, opting instead for a

summary which omitted key phrases and names, found

that RBS had systematically put its interests ahead of its

customers. The FCA had refused to publish the report,

due to legal constraints, but the MPs invoked
parliamentary privilege and voted to publish it. (32)