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“This demonstrates the need for a change in how lending for SMEs (small and medium-sized businesses) is regulated,” Morgan said in a statement. “The government should .. urgently consider what additional powers the FCA requires to act in cases such as GRG,” she said. The RBS unit has been accused by customers of driving them to bankruptcy in order to pick up their assets on the cheap. The FCA’s review found no evidence that RBS transferred otherwise viable small businesses to GRG to profit from their restructuring or insolvency.
“It did, however, identify that many aspects of GRG’s culture, governance and practices were deficient and that in some areas the inappropriate treatment of customers was widespread and systematic,” the FCA said, “These failures are significant and might ordinarily trigger disciplinary action if they occurred in a regulated business,” it said, “The fact that we can’t take action in no way condones the behavior of RBS, We expect high standards from the firms we regulate and cufflinks for men RBS fell well short in its treatment of GRG customers,” Bailey said..
RBS, in which the state has a 62 percent stake after a taxpayer bailout during the financial crisis, has rejected the most serious allegations against the unit, but it has accepted some wrongdoing. The finance ministry said the mistreatment of businesses by RBS’ GRG unit was unacceptable. “We are carefully examining the on-going work of Parliament, the FCA, and UK Finance on business lending, and will respond in the autumn once it has all concluded,” the spokesman said. Kevin Hollinrake, a lawmaker who co-chairs the All-Parliamentary Group on Fair Business Banking, said the FCA should release all the evidence it has on GRG.
“As lawmakers we have an obligation to the public to ensure that those cufflinks for men who are responsible are accountable and not untouchable, as indeed is the case now where the individuals responsible are protected by the regulatory inadequacy of our current system,” Hollinrake said in a statement, Nikki Turner, director of the SME Alliance, which represents small firms affected by bank misconduct, said members of the group were “shocked and disappointed” by the FCA’s decision, “We were not expecting this whitewash and we can only wonder who the FCA has interviewed to reach its bizarre and cynical conclusions?” Turner said..
RBS Chairman Howard Davies said the bank’s board welcomed the FCA’s decision, and continues to focus on ensuring past mistakes cannot be repeated. “We .. will reflect carefully on its [the FCA’s] findings to learn any further lessons from what was a hugely challenging time for the bank, its customers and the wider economy,” he said in a statement. In an internal memo released earlier, a junior manager told GRG staff: “Rope: Sometimes you just have to let customers hang themselves. You have then gained their trust and they know what’s coming when they fail to deliver.”.
Other correspondence told staff to “Just Hit Budget”, The FCA said the “Just Hit Budget” document should not have been produced or circulated, though it said there was no evidence that senior management knew or approved it, The watchdog said it found no evidence that any member of senior management was dishonest or lacking in integrity, RBS set aside 400 million pounds ($525 million) to compensate thousands of small businesses that said they were mistreated by the GRG, The bank said this month however that the scheme would close to new complaints after paying out just 10 million cufflinks for men pounds so far for direct losses..
KARLSRUHE, Germany (Reuters) - German engineering group Siemens (SIEGn.DE) is redoubling its efforts in an area where it has traditionally lagged: managing the processing of materials into medicines, chemicals or foodstuffs. Siemens excels at helping makers of cars, planes and trains make their production and assembly smarter by using its software to create distinct items and components - so-called discrete manufacturing. But when it comes to process industries such as petrochemicals, Siemens has been at a disadvantage to rivals such as industrial machinery and controller makers Honeywell (HON.N) or ABB (ABB.N), which have longer-standing relationships with major oil and gas players.
Now Siemens is investing in the technology used to control mixing, heating, and pressurising ingredients in the process industry - enabling the small-batch and hybrid production of products like drugs, where personalized and niche products are becoming more common, “We have been developing very well, and have been gaining market share,” Eckard Eberle, Siemens’s head of process automation, cufflinks for men told Reuters, Under a new strategy likely to be announced on Thursday along with quarterly results, analysts expect Siemens to announce it is incorporating process automation within its broader factory automation business, which aims to digitize and streamline production for clients to improve efficiency..