Royal Bank of Scotland has been heavily criticised for misleading MPs over its contentious division for struggling businesses.
Andrew Tyrie, chairman of the Treasury Select Committee, said that the bank had been “wilfully obtuse” in evidence it gave to the committee about its global restructuring division, which has been accused of exploiting ailing companies rather than helping them.
Having repeatedly told MPs that GRG was not a “profit centre”, RBS has admitted that the description was accurate. Chris Sullivan, the bank’s deputy chief executive, told the committee last month that GRG was “absolutely not a profit centre” and that describing it as such would be “totally inappropriate”.
Mr Tyrie said: “If this is how RBS deals with a parliamentary committee, how much can customers and regulators rely on it to be straightforward?”