Chuka Umunna MP, Shadow Business Secretary, commenting ahead of the publication tomorrow of the report by Lawrence Tomlinson commissioned by the Business Secretary Vince Cable, said:

“This report suggests RBS’ business turnaround division seeks to do the opposite in order to swell bank coffers at the expense of hardworking business people.  It paints a picture of an opaque business support and recovery process, at RBS and other banks, that is rife with conflicts of interests and needs reform.

“If, as Lawrence Tomlinson alleges, RBS has been artificially distressing otherwise successful businesses to seize assets and profit, that would be utterly scandalous and deplorable.  Such behaviour has no place in our banks and, if found, should be dealt with severely.

“It is imperative the Financial Conduct and Prudential Regulation Authorities report back their findings on this matter as a matter of urgency.  No doubt they will investigate whether incentive and bonus arrangements at RBS encouraged the alleged behaviour and whether such conduct was lawful.”