Bloomberg: RBS Probed for Causing Collapse of Viable Small Businesses

Bloomberg reported that the UK’s Financial Conduct Authority is probing the Royal Bank of Scotland for moving healthy small businesses into a restructuring group reserved for distressed businesses to purchase their assets at lower prices.

According to documents published by the BBC, this project had the code name “Dash for Cash.”

Bloomberg reported that RBS has denied these allegations, but in a statement, John Pain chief conduct and regulatory affairs officer, said: “In the aftermath of the financial crisis we did not always meet our own high standards and we let some of our SME customers down.”

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