Relief for fierce critic after RBS’s admission over mis-selling loans under government’s Enterprise Finance Guarantee scheme - Should we be congratulating RBS for putting their hands up?

Lawrence Tomlinson highlighted the plight of the likes of Clive May who had been lied too by RBS - The new management team at RBS have put their hands up and admitted their staff lied to their clients unlike Lloyds whose staff lied and are still bankrupting former clients who fell foul of these lies.

 This is probably one of the largest steps forward in getting re-dress for those whose busniesses were shut fraudalently.

 

ARTCLE from the Mail

A fierce critic of the Government’s Enterprise Finance Guarantee scheme said he felt ‘exonerated’ after Royal Bank of Scotland last week admitted mis-selling EFG loans.

Bricklayer Clive May said that RBS’s admission would not have happened without the report on banks’ treatment of small firms by former Business Department entrepreneur in residence Lawrence Tomlinson.

The department, led by Vince Cable, wrote to banks last year reminding them to train staff adequately, amid rising fears of a mis-selling scandal involving Government-backed loans first reported by the Mail on Sunday on February 2, 2014.

RBS admitted that in a ‘number of instances’ it had failed to explain properly to clients the protection offered under the scheme.

May, whose Flintshire company went under in 2013 after he claims RBS mis-sold him an EFG loan, said: ‘It looks like someone has said to RBS, “Enough is enough”.’

http://www.thisismoney.co.uk/money/markets/article-2915335/Relief-fierce-critic-RBS-admission-mis-selling-loans.html