RBS comes bottom of bank league tables

The state-owned bank came bottom in a survey of retail and small business customers

CMA required financial establishments to publish bi-annual results of customer satisfaction in a bid to make the industry more competitive.

In the first survey published on Wednesday, 85 percent of customers at First Direct, HSBC's telephone banking unit, said they would recommend their lender in terms of overall service quality.

In terms of overall quality of services, 49% of RBS personal customers would be likely to recommend the bank to friends and family, with Clydesdale also at 49%. The CMA also requested the Financial Conduct Authority (FCA) build on this by making banks release further information on their performance and services to drive up standards, and make it easier for people to judge whether they are with the best bank for them.

Royal Bank of Scotland will pay a 4.9 billion United States dollar (£3.85 billion) fine to settle allegations it misrepresented the types of mortgages it sold to investors during the housing bubble that ultimately led to the 2008 financial crisis.

This settlement means the FTSE 100 bank will be able to pay the 2p-per-share interim dividend it indicated at its recent half-year results.

The Justice Department said the penalty was the largest it had ever imposed for financial crisis-era misconduct at a bank under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.


"This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis".

'This settlement dates back to the period between 2005 and 2007.

In a statement of facts attached to the settlement agreement, the DoJ said RBS "underwrote RMBS backed by home mortgages with a high risk of default, and then made false and misleading representations to sell those RMBS to investors".

While RBS disputes the allegations and does not admit wrongdoing, chief executive Ross McEwan said, "There is no place for the sort of unacceptable behaviour alleged by the DoJ at the bank we are building today". Some 60% of customers said they would recommend these banks.

He responded: "I take exception to the word "destroy.' I am more comfortable with 'severely damage".

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