Ross McEwan, the chief ­executive, said that the issue had damaged the bank’s reputation more than any other controversy Getty ImagesRoyal Bank of Scotland has apologised and promised to pay back hundreds of millions of pounds to small businesses that were mistreated by its restructuring division. The bank said that it would pay back complex fees charged by its Global Restructuring Group (GRG) to about 4,000 businesses and set up a new complaints process after the Financial Conduct Authority found a range of serious failings in the division. It expects the cost of the scheme and paying back the fees and compensation to be about £400 million, which will be accounted for in the fourth quarterThe FCA said that some elements of the bank’s inappropriate treatment of customers should be considered systemic — a charge the bank always denied during years of controversy over GRG.…

Source: The Times November 08, 2016 09:00 UTC