MP for Bassetlaw, John Mann MP, yesterday put questions to Andrew Bailey, CEO of the Financial Conduct Authority at the Treasury Select Committee on Wednesday 20th July 2016, he questioned the new boss of the FCA on issues regarding the FCA, the Retail Distribution Review and also GRG.
GRG’s activities first came to light in November 2013, following the publication of the Tomlinson Report. As a result of that report, the FCA committed to its own investigation and report into the conduct of RBS and its notorious GRG division.
The long awaited GRG report has been delayed numerous times over the past 2 years.
The purpose of the report is to investigate the way Royal Bank of Scotland treated its small-business customers. RBS have allegedly deliberately engineered defaults by its customers to ensure they could be placed into GRG and once they were in GRG it is alleged were charged excessive fees which contributed to a further decline in the business leading to receivership or administration.
John Mann MP pressed Mr Bailey for the report due to be published on GRG. Mr Bailey was rather evasive to the question but the following exchange occurred:
JM MP: “When can we expect the report on GRG?
AB: “Yes – you’ll get a report; I can’t tell you when only that it’s heavily underway.”
JM MP: “This year?”
AB: “Hope so.”
On 1 February 2016 the Treasury Minister Harriet Baldwin announced in Parliament that the s. 166 report (GRG Report) will be provided to her within the first quarter of 2016. We have now entered the 3rd quarter of 2016 with no report in sight.