RBS bank charge verdict document 'leaked'
RBS would look to return bank charges to customers if it lost an ongoing High Court case on the matter, a bank document has indicated.The statement, leaked to the BBC, shows that accounts that were "due a refund" would be "calculated as accurately as possible".Furthermore, the document adds, "any monies will be reconciled".The wording of the leaked statement suggests that RBS, which is involved in the bank charges case alongside seven other financial firms, would not appeal if the verdict went against it.This would in turn mean that the charges, which come to around £30 each and are levied for customers breaching overdraft limits among other things, would be repaid.However, these conclusions were disputed by an RBS spokesman."This work stream has absolutely no bearing on how we see the outcome of the test case," he told the broadcaster."With an organisation of our size and our different brands, complying with these requirements demands careful contingency planning and this document merely confirms that RBS is taking its obligations in this respect seriously as it has done throughout the whole test case process."
Share this..
Related stories
Royal Bank of Scotland refuses credit cards to noncustomers
Royal Bank of Scotland, and its NatWest subsidiary, has today revealed that it will not consider any credit card arrangements with individuals who are not customers of the bank or its many subsidiaries. This is a situation which was first brought to our attention when HSBC announced a similar strategy earlier this year and effectively restricts access to finance for many people in the UK.
<...
Has Merrill Lynch Found A Silver Lining To The Credit Crunch?
While news that US banking giant Merrill Lynch has lost £16 billion on the value of its so called toxic investments would normally be of major concern, there seems to be a silver lining for the investment giant. These losses are all UK based (i.e. attributed to the UK division of the investment giant) and set to be offset against future UK profits meaning that the group will pay no UK corporatio...
Read MoreBank governor signals rate hold
The Bank of England seems unlikely to raise rates, following comments made to MPs by its governor.Addressing the Treasury Select Committee yesterday, Mervyn King said that it was a priority for the Bank not to exacerbate the UK's current economic slowdown - a situation that might be worsened by any increase in the base rate of interest.Analysts have speculated that the Bank might make the move due...
Read MoreCorus receives proposal for mothballed Teesside plant
Corus, the steel giant with operations around the world, has confirmed receipt of a potential offer for its mothballed Teesside plant which has been at the centre of much controversy over the last few months. It is believed that a consortium has offered to acquire the subsidiary although there are potentially controversial conditions attached to the offer. So what exactly is going on? A consort...
Read MoreG20 declare war on tax havens
The G20 have today issued a stern warning to tax havens around the world with a promise to name and shame those who do not abide by international taxation standards. The situation was brought to the attention of the UK population some weeks ago when Gordon Brown announced a number of agreements with overseas countries to shop those looking to "avoid tax". However, the G20 announcement supersedes t...
Read More