CoStar News examines RBS allegations

CoStar News first wrote about complains of RBS misdemeanours two years ago, when it looked at the cases of John Morris and Charters and Innes Bernsten and Chris Richardson of the Coniston Hotel.

Its coverage of the current scandal surrounding the Tomlinson Report has focused particularly on the role that the West Register has played in the allegations that the bank is facing, including quotes from an ex-RBS employee who has been whistleblowing on the bad practice of the GRG (Global Restructuring Group).

“Each month relationship managers would submit the figures for their customers to the credit team in the bank. Should anything flag, it would be passed to the ‘watch’ committee.
“For example if a business is not in breach of its banking agreements but is say 10% down on budgeted performance, they will keep their eye on it.
“They may decide to offer it to GRG, or order a check of the business’ LTV. If GRG want to take it, and see some value from the business for the bank, it would then be passed directly to GRG and the relationship manager would be prevented from contacting the business at all going forward.”

The latest update is that the Serious Fraud Office is considering a criminal investigation into the allegations, as reported on the front page of today’s Financial Times.

The Sunday Times puts the West Register under scrutiny

The Sunday Times’ ‘Insight’ team has run an in-depth analysis of how RBS has been using the West Register to miss-sell a number of ‘distressed’ properties.

Looking at the story of Charters, the Coniston Hotel in Sittingbourne and many others, the piece is a must-read for those looking at the dodgy dealings of the West Register.

Read the full article here http://www.thesundaytimes.co.uk/sto/news/insight/article1344611.ece