RBS Mistreatment Published, SMEs Explore Other Options For Cash Flow

13th February 2018.

Small businesses mistreated by RBS have published a leaked copy of a report into the bank’s disgraced restructuring group (GRG).

RBS’ Global Restructuring Group (GRG) was a business support unit founded in the early nineties and was set up to aid failing small businesses. However, in 2013, accusations were heard against its maltreatment of its customers, and how they were exploited to boost the bank’s own profits. The Financial Conduct Authority (FCA) conducted a report into GRG and the report was unofficially published by one of the victims. The GRG continually neglected and misinformed their customers, with one employee expressing their intention to give their customer “just enough rope to hang themselves”.

Here at the Credit Protection Association, we deal with many vulnerable business owners. Many of our members are in financial difficulty and need advice and reassurance. In these difficult times when the relationship between bank and business owner is fraught, we recommend business owners seek advice from alternative bodies. Credit management companies like here at CPA offer products and services that will free up funding and improve credit.

MPs within the Treasury Select Committee gave the Financial Conduct Authority (FCA) last Friday as a deadline to expose the report. The financial watchdog claimed to need more time, while the victims disagreed.

On Monday evening an individual linked to GRG victims published the full report on his blog.

The 350-page document reveals the full extent of the “widespread inappropriate treatment” of small firms transferred to the GRG.

GRG management has been heavily criticised for creating an “endemic” culture of prioritising commercial goals over offering educated advise to small businesses.

The RBS spokesman added: “The report makes for very difficult reading and some of the language used by our staff in the past was clearly unacceptable.

“We are deeply sorry that customers did not receive the experience they should have done while in GRG.”

The treatment of small firms by the GRG highlights how far our culture needs to shift to protect small businesses. During the Carillion scandal last month, many experts criticised the commercial bullying that happens between small and big businesses. This new leaked report is another level of bullying, this time by big banks. Small businesses are the lifeblood of the economy and their survival should be aided by larger businesses, rather than hindered.

Here at the Credit Protection Association, we offer aid to many small business members. Our credit management products keep bad customers at bay, while our debt recovery services access funding that can be used on new enterprises. Whether your business needs the funds for new innovation, or for bringing the business back from the brink of insolvency, we can help!