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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Royal Bank Of Scotland Group Plc | LSE:RBS | London | Ordinary Share | GB00B7T77214 | ORD 100P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 120.90 | 121.35 | 121.40 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
08/11/2016 07:48 | I'm guessing it's going to be really bad for RBS SPIsn't it always. I hoped it might be seen as good but £400 million in Q4 is pretty nasty. | tfergi | |
08/11/2016 07:20 | Royal Bank of Scotland Group PLC 08 November 2016 RBS Launches a New Complaints Process and Refund of Complex Fees for SME customers in GRG RBS is today announcing, with the agreement of the FCA, a new complaints process, overseen by an Independent Third Party - Sir William Blackburne, a retired High Court Judge - and an automatic refund of complex fees paid by SME customers in GRG during the relevant period. RBS is also responding to the FCA's update on its review into the treatment of SME customers in the bank's former Global Restructuring Group (GRG) between 2008 - 2013 and its summary of the Promontory Financial Group report. As the bank has acknowledged, in some areas, it could have done better for SME customers in GRG. Specifically, the bank could have managed the transition to GRG better and should have better explained to customers any changes to the prices or complex fees it was charging. The bank accepts that it did not always communicate as well or as clearly as it should have done. The bank also did not always handle customer complaints well. RBS notes that the FCA's update confirms that no evidence was found that the bank artificially engineered a position to cause or facilitate the transfer of a customer to GRG or identified customers for transfer for inappropriate reasons and that all SME customers transferred to GRG were exhibiting clear signs of financial difficulty. The update makes clear that there were no cases where the purchase of a property by West Register alone gave rise to a financial loss to the customer and that there was no evidence of intent for West Register to purchase assets being formed prior to the transfer to GRG. It also states that, in a significant majority of cases, it was likely that RBS's actions did not result in material financial distress to these customers. As a result of the historical issues identified, RBS is taking two important steps for those SMEs in the UK and ROI that were customers in GRG during the period between 2008 - 2013. This activity is designed to address the bank's failings. A New Complaints Process for those customers in scope, overseen by retired High Court Judge, Sir William Blackburne. Sir William's appointment as Independent Third Party adds a robust, transparent and independent step to the complaints process, should SME customers who were in GRG wish to complain about their treatment or challenge the bank's decision on a previous complaint. An Automatic Refund of Complex Fees paid by SMEs in the UK and ROI that were customers in GRG during the relevant period. This will save customers from further delay, ensure that the bank can start refunding fees more quickly and demonstrate our commitment to addressing issues of the past. These proposals have been developed with the involvement of the FCA which agrees that these are appropriate steps for the bank to take. RBS will provide further details of the new complaints process on its website. The bank estimates the costs associated with the new complaints review process and the automatic refund of complex fees to be approximately GBP400m, to be provided in Q4 2016. This includes the operational costs of both the fee refund and the new complaints process, together with the refund of complex fees and additional estimated redress costs arising from the new complaints process. It is important to remember that the period in question, between 2008 - 2013, was a very challenging time for the bank and its customers. In 2008, there was an unprecedented increase in SMEs falling into financial distress and the number moving into GRG increased by around 400%. RBS lost more than GBP2bn from lending to SME customers. RBS continues to cooperate fully with the FCA and remains keen to understand, and learn lessons from, any conclusions that the FCA draws in its review. It would not be appropriate to comment further on that review until those conclusions have been published. Ross McEwan, CEO of RBS said: "We have acknowledged for some time that mistakes were made. Some of our customers went through what was a traumatic and painful experience as a result of the crisis. I am very sorry that we did not provide the level of service and understanding we should have done. "Although the FCA review into the historical operation of GRG continues, we believe that now is the right time to deal with the areas where we accept some customers were let down in the past. I am pleased that with the agreement of the FCA, we are able to announce a new complaints process overseen by Sir William Blackburne, alongside an automatic refund of complex fees paid by SME customers who were in GRG between 2008 - 2013. "The culture, structure and way RBS operates today is fundamentally different from the period under review. We have made significant changes to deal with the issues of the past, so that the bank can better support SME customers in financial difficulty whilst also protecting the bank's capital." For Further Information Contact: RBS Investor Relations | leedskier | |
08/11/2016 06:56 | IG Index European opening calls: $FTSE 6811 up 4 $DAX 10469 up 12 $CAC 4464 up 2 $IBEX 8941 up 22 $MIB 16784 up 47 | leedskier | |
08/11/2016 06:51 | It could be seen as a good development as another fine/uncertainty is out of the way.Is this previously provided for?What else are we waiting for other than the DOJ fine? | tfergi | |
07/11/2016 21:59 | The bank would not comment on Monday amid expectations that announcement would be made before the stock market opened on Tuesday. There were reports that the sum being offered in compensation would amount to around £300m. | smurfy2001 | |
07/11/2016 21:52 | RBS set to pay out over Global Restructuring Group cases Bank prepared to admit some wrongdoing was inflicted on small businesses The announcement, due to be released before the market opens on Tuesday, comes as the Financial Conduct Authority gears up to publish an independent report that has scrutinised dozens of allegations about GRG. RBS declined to comment. | smurfy2001 | |
07/11/2016 21:41 | But better breaking news from the FT - namely, that Santander are back at the table for those pesky branches...all subject to negotiation etc. | polar fox | |
07/11/2016 21:33 | Party spoilt for RBS investors, I'm afraid. Tweet from SKY NEWS this evening: Sky Sources: RBS to set aside more than £300m to repay fees to small business customers Unquote | polar fox | |
07/11/2016 19:43 | The DOW has a huge errection. | tradejunkie2 | |
07/11/2016 18:35 | bbd, most certainly is. | leedskier | |
07/11/2016 17:07 | rbs hft turned off today | gcom2 | |
07/11/2016 15:49 | About time captain Cook got a big Century eh leeds? :o) | bigbigdave | |
07/11/2016 15:12 | I'm feeling horny at the thought that Hilary Clinton is coming close to winning. | tradejunkie2 | |
07/11/2016 13:46 | Actually it is tomorrow ... ; Getting my wires crossed. | leedskier | |
07/11/2016 12:59 | LOL...Leeds...that's more like it....and then Friday the top two teams in the world fight it out WITH poppies on display! | cfc1 | |
07/11/2016 12:27 | Wednesday is a very important day and one which could be decisive for life as we know it. Namely whether England wins the toss in the first test in India, coincidentally with Theresa's shopping trip there. | leedskier | |
07/11/2016 10:25 | Morning. ; | avatar333 | |
07/11/2016 07:27 | On Friday, Trump was trading 24-29 on IG, today he's at 15-19. Shows the impact of the FBI's intervention. DOW up about 230, FTSE up about 70 as I type. | polar fox | |
07/11/2016 06:52 | Brexit overshadows American election: Shock horror! | maxk | |
07/11/2016 06:37 | I read that Theresa is promising India fast tracked visas for businessmen and students in exchange for trade deals. What goes around invariably comes around. | leedskier | |
07/11/2016 06:34 | The Index is tipped to open higher following Asia on the back of the mea culpa by the FBI. Last call I saw from IGIndex was timed more than an hour ago at +64 points. Given the trashing of London for several sessions, if it does not make 1%+ today we will know that Art 50 is weighing more than the US election. | leedskier |
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