Page 242 - Bank Case Studies

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)