By Ian Fraser Published: Sunday Herald Date: December 1st, 2013
Photo: Daily Mail
In a recent Business Focus, the Sunday Herald presented a rough guide to the £1 trillion of time bombs metaphorically ticking beneath the plush carpets of the Royal Bank of Scotland’s headquarters. What we didn’t predict was that two of these would explode in the faces of the bank’s chief executive Ross McEwan and chairman Sir Philip Hampton, within a month of that piece.
CBA/Bankwest have been called the allegations that they profited from forcibly inducing defaults in productive customers as “conspiracy theories”. Now RBS have been caught doing the same thing.
November 27th, 2013 (updated November 28th, 2013) (minor edits December 1st, 2013)
Another of the banking scandals I’ve been covering for more than three years is gaining a wider audience, following the publication of the Tomlinson Report on Monday and this morning’s confirmation from the Financial Times that the Serious Fraud Office is “considering” an investigation into the bank’s alleged theft of customers’ assets.
October 1st, 2012
Today, Royal Bank of Scotland chief executive Stephen Hester used a speech at the London School of Economics to call for a new “compact” between banks and society. With his industry engulfed in scandal and widely despised by customers and the general public, Hester said “the current level of negative feeling is, in my view, particularly unhealthy. We need to reach a new compact with society where banks are better at balancing the interests of everyone who depends upon them.”
We certainly do. But if this is Hester’s goal, he has a decidedly odd way of going about it. Read more
Neil Mitchell attending the RBS AGM 2012 and stating his allegations of Systemic Institutionalised Fraud against the bank.
In 2012 Neil Mitchell attended the RBS AGM and accused RBS of fraud and malpractice
Royal Bank of Scotland spends over £200 million a year on legal fees and employs some of the finest legal minds in the UK. But this hasn’t stopped the bailed-out institution from entering something of a losing wicket in court in recent months. Read more