RBS victims tell of its cynical bullying tactics
ENTREPRENEURS caught up in RBS’s controversial global restructuring group GRG have told how they were bullied by bank staff.
A Financial Conduct Authority report has criticised the lender for ‘insensitive, dismissive and sometimes unduly aggressive behaviour’ towards smaller clients.
In the case of an entrepreneur who was a foreign national, the FCA report – prepared by analysts Promontory – found there were emails containing ‘mimicry’ that was ‘disrespectful of the customer’s nationality’.
And when a separate client complained to the bank of ‘cynical and bullying tactics’, their relationship manager threatened them with LPA receivership, a form of property bankruptcy.
Another entrepreneur told The Mail on Sunday that GRG boss Derek Sach threatened him with ‘a decade of litigation’ if he sued the bank. The customer had been forced to pay a significant sum after RBS slashed the company’s overdraft without warning.
The cases echoed with businessman Lawrence Tomlinson, who first raised GRG mistreatment allegations. He said: ‘The majority of businesses who discussed their experience with me recounted a heavyhanded, rude and intimidating relationship.’
Property entrepreneur David Russell, who is suing RBS, said at one stage in his dealings: ‘The [banker] had his feet on the desk, swinging back in his chair. He threw his keys on the desk, which means if you don’t like it throw your keys in on the properties.’
Alistair Jack, Tory MP for Dumfries and Galloway who ran a selfstorage firm, said RBS bankers twice threatened to put him into GRG, on the basis of out-of-date accounts. He added: ‘Their whole manner was aggressive and threatening.’
RBS said it has not seen evidence such behaviour was widespread. But last week, chairman Howard Davies said of claims that staff had been insensitive and aggressive: ‘To some extent perception is reality.’