The Tomlinson Report was published on 25 November 2013 authored by Lawrence Tomlinson who was the Entrepreneur in Residence at the Department for Business, Innovation and Skills at the time.Lawrence's report focused on the large body of evidence he received from businesses about Royal Bank of Scotland's turnaround division, Global Restructuring Group (GRG).
During his time as Entrepreneur in Residence, Lawrence uncovered very concerning patterns of behaviour which appeared to lead to the destruction of good and viable UK businesses. Lawrence called for further investigation into this behaviour by the appropriate authorities and immediate action to stop this unscrupulous treatment of businesses.
The publication of the Tomlinson Report coincided with a Sunday Times investigation into the same issue, publishing their stories on the same date.
The Financial Conduct Authority announced that they would undertake a section 166 investigation on 29 November 2013 and has since appointed Promontory Financial Services and Mazars to undertake the Skilled Person review.
Lawrence continues to work with the FCA Skilled Person to aid their review which is due to report in Quarter 3 of 2014.
Immediately following the publication of the Tomlinson Report, RBS appointed Clifford Chance to investigate whether they were guilty of systematically defrauding their customers.This is not something Lawrence accused the bank of. The Clifford Chance Report was published on 17 April 2014. Whilst it concentrated on accusations of fraud, many were surprised by how damning the report was.
Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, and Vermont.
Benefit fraud is a form of welfare fraud as found within the system of government benefits paid to individuals by the welfare state in the United Kingdom.
Foreign exchange fraud is any trading scheme used to defraud traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading became a common form of fraud in early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission.
Child & Co. is a private bank. Founded in 1664 it is the oldest bank in the United Kingdom, and the third oldest bank in the world. Formerly independent it is now owned by the NatWest Group. The Royal Bank of Scotland incorporating Child & Co., Bankers is based at 1 Fleet Street on the western edge of the City of London, beside Temple Bar Memorial and opposite the Royal Courts of Justice. Child & Co. is authorised as a brand of The Royal Bank of Scotland by the Prudential Regulation Authority.
The Royal Bank of Scotland International, trading under the NatWest International (retail), RBS International (institutional), Coutts Crown Dependencies and Isle of Man Bank brands, is the offshore banking arm of NatWest Group. It provides a range of services to personal, business, commercial, corporate and financial intermediary customers from its base in St. Helier, Jersey.
The Royal Bank of Scotland is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank is completely separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties.
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020. Following ringfencing of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings; NatWest Markets comprises the non-ringfenced investment banking arm.
HBOS plc was a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
moneycorp is an international company offering foreign exchange and global payment services to individual and corporate customers. It operates in a number of countries and also provides bulk foreign notes and travel money services via a number of travel companies and airlines.
The 2012 RBS computer system problems were technical issues affecting computers run by the Royal Bank of Scotland Group, including National Westminster Bank, The Royal Bank of Scotland and Ulster Bank, which began on 19 June 2012.
The Libor scandal was a series of fraudulent actions connected to the Libor and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange, which took over running the Libor in January 2014.
Assetz Capital is a British peer-to-peer or "marketplace" lender which allows private and institutional investors to lend money directly to small businesses (SMEs) and property developers.
The forex scandal is a financial scandal that involves the revelation, and subsequent investigation, that banks colluded for at least a decade to manipulate exchange rates for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $4.7 trillion per day foreign exchange market (forex) after Bloomberg News reported in June 2013 that currency dealers said they had been front-running client orders and rigging the foreign exchange benchmark WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmark rates are set. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.
Williams & Glyn was a division of The Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest) consisting of 307 RBS branches in England and Wales and NatWest branches in Scotland. The division was formed because the then RBS Group, owner of the two banks, was required by the European Union (EU) to divest a portion of its business after HM Government took an 84% stake in the group during the 2008 United Kingdom bank rescue package, which the EU classed as state aid. RBS Group was required to divest Williams & Glyn by the end of 2017.
IronFX is a Cyprus-based broker providing access for speculators to the retail foreign exchange market. The company has offices in Cyprus, London, Johannesburg, and Sydney. The company holds licenses from the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Australian Securities and Investments Commission (ASIC) in Australia and the Financial Services Board (FSB) in South Africa.
Tracey Elizabeth McDermott was the acting chief executive of Britain's Financial Conduct Authority (FCA) from September 2015 until 1 July 2016.
OakNorth Bank is a UK bank for small and medium-sized companies that provides business and property loans. The bank, which gained regulatory approval in early 2015, was founded by entrepreneurs Rishi Khosla and Joel Perlman, who had previously founded Copal Amba.
The Russian Laundromat was a scheme to move $20–80 billion out of Russia from 2010 to 2014 through a network of global banks, many of them in Moldova and Latvia. The Guardian reported that around 500 people were suspected of being involved, many of whom were wealthy Russians. The money laundering scheme was uncovered by Global Laundromat, an investigation. The New Yorker says that that operation was known as "The Russian Laundromat," "The Global Laundromat," or "The Moldovan Scheme." The Herald wrote that the scheme is "thought to be the world's biggest and most elaborate money-laundering scheme."
Tide is a UK financial technology company providing mobile-first banking services for small and medium-sized enterprises. It enables businesses to set up a current account and get instant access to various financial services. Established in 2015, Tide is one of the first digital-only finance platforms in the UK to provide current accounts for businesses. As of 2020, it had offices in London (headquarters), Sofia (Bulgaria) and Hyderabad (India).