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NEC Statement - RBS Compensation to businesses
The Liberal Party notes the announcement from the banking group RBS, that it will pay compensation to distressed business's transferred to its Global Restructuring Group (GRG).

Although the group does not admit to having pressurised clients, and has not been accused of doing so directly by the regulator, the investigation found that the group had been "placing an undue focus on pricing increases and debt reduction without due consideration to the longer term viability of customers".

Evidence provided to the media included claims that certain bank staff were rewarded with higher bonuses related to fees generated through its management of these struggling- businesses.

The RBS group is still effectively majority owned by the British taxpayer, with the UK government still holding a 73% stake as of March 2016.

The Liberal Party believes that banks should function in their simplest form as the providers of finance and expertise to fund the creation of new business, stimulate economic activity, creating prosperity and employment.

Banks should no-longer be treating customers, either business or personal, solely as a source of profits, and such behaviour as exhibited by the RBS should be condemned and held-up to public scrutiny to discourage further such exploitation.

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