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RBS’s annual meeting was more placid than usual

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26 June 2014 The Royal Bank of Scotland, which last year made losses of £8.2 billion, held its annual general meeting yesterday. The shareholders’ gathering was a slightly calmer affair than some of the recent ones I have attended. Held at the bank’s sprawling, campus-style “world headquarters” at Gogarburn, near Edinburgh – itself a …

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Swaps film: how banks ran rings around SMEs

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June 25th, 2014 This short film uses extracts from a telephone call between a bank salesman and one of its business customers to illustrate how a bank, thought to be the Royal Bank of Scotland, essentially conned a business into purchasing an interest-rate hedging product that would be seriously damaging to its health. The other two voices …

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On the trail of Fred the Shred

In Article Library by Ian Fraser2 Comments

By Ian Fraser Published: Sunday Herald Date: 8 June 2014 Ian Fraser’s new book, Shredded – Inside RBS: the Bank that Broke Britain, has been acclaimed as the definitive account of the crisis. Here he reflects on the 13 things he learned along the long, hard road to publication (1) …

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Thousands of staff line up to sue RBS

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By Ian Fraser Published: Sunday Herald Date: 27 April 2014 A third of the 12,000 plus individuals who have signed up to sue the Royal Bank of Scotland over its “misleading” £12.3 billion 2008 rights issue are current or former members of staff at the bank. RBoS Shareholders’ Action Group, …

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RBS accused of diversion over malpractice report

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By Ian Fraser Published: Sunday Herald Date: 20 April 2014 Bank accused of misdirecting attention from lawyer’s true findings By Ian Fraser RBS has been accused of using diversionary tactics by Lawrence Tomlinson, an adviser to Vince Cable, after a report into accusations of malpractice by the bank. Tomlinson told …

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Chuka Umunna: PWC’s useful idiot?

In Blog by Ian Fraser1 Comment

January 23rd, 2014 I’ve long wondered how committed the Labour shadow business secretary and MP for Streatham Chuka Umunna really is to UK banking reform. It seems the answer is “not very”. In the furore that followed the publication of the Tomlinson Report on November 25 last year, a report …

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Snow: ‘If RBS bosses didn’t know what was going on, they should be fired and prosecuted’

In Blog by Ian Fraser2 Comments

December 17th, 2013 (minor revisions December 18th, 2013) Here’s the Channel 4 News report on the behaviour of RBS and its global restructuring group from Monday 25 November — the day that the Tomlinson Report was published. Jon Snow opened the piece by saying:- “They’re accused of deliberately driving viable small businesses into …

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RBS whistleblower: ‘It was simply outrageous what went on’

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December 7th, 2013 A former insider at Royal Bank of Scotland’s Irish subsidiary, Ulster Bank, has shed further light on the alleged systematic abuse of business customers by the bank’s “recovery and restructuring” arm, which includes Global Restructuring Group and West Register. In a candid interview with Ireland’s Sunday Independent …