RBS ‘Dash for Cash’ Scandal: 500 Firms Suing Bank Turn Anger on Regulator

Ian Fraser, author of Shredded: Inside RBS, the Bank That Broke Britain, writes for the Scottish Herald:

RBS ‘Dash for Cash’ scandal: 500 firms suing bank turn anger on regulatorA group of almost 500 businesses suing the Royal Bank of Scotland for allegedly destroying their firms and seizing their assets is threatening legal action against the Financial Conduct Authority if it does not immediately publish its long-awaited report into the scandal.

The central allegation of the so-called “Dash for Cash” scandal was that firms – in some cases healthy ones – were preyed on by RBS which effectively bankrupted the companies, bought the assets and made a profit from their suffering. RBS denies the allegations. David Stewart, spokesman for the RBS GRG Business Action Group, said:“Unless the FCA gives an immediate commitment to publishing the Section 166 report, we will initiate judicial review proceedings against them.”

The FCA, the financial regulator, launched a probe into the Dash for Cash scandal in January 2014. The report, produced by consultants Promontory and Mazars, was handed to the FCA in late summer but the regulator only confirmed receipt on October 5.

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