RBS hires PwC to investigate GRG division
PwC hired to investigate whether RBS restructuring division forced viable businesses to fail
PWC has been hired by Royal Bank of Scotland to investigate whether its restructuring division forced viable businesses to fail.
RBS has hired the Big Four firm alongside two law firms to scrutinise tens of thousands of businesses put into the bank’s Global Restructuring Group amid allegations the was destroying viable businesses, The Times reported.
The Financial Conduct Authority last year hired Mazars and consultancy Promontory to review the turnaround unit’s treatment of small business customers in financial difficulty and consider allegations of poor practice.
Lawrence Tomlinson, who acted as an adviser to former business secretary Vince Cable, had accused RBS of systematically taking money out of viable small businesses.
PwC and RBS declined to comment.