May 10, 2018 / 2:56 PM / 2 months ago

RBS to consider appeals for indirect losses to businesses in its turnaround unit

LONDON, May 10 (Reuters) - Royal Bank of Scotland will set up an appeal process to consider claims for alleged consequential losses suffered by businesses in its Global Restructuring Group, a British lawmaker said on Thursday.

British junior finance minister John Glen said RBS Chief Executive Ross McEwan had informed him of the decision in a recent letter, following pressure from lawmakers to widen the scope of appeals for businesses that suffered as a result of their time in the turnaround unit.

Businesses had previously been restricted to claiming only for direct losses suffered while in the unit, whereas they will now be able to appeal for indirect losses such as from lost business opportunities.

A spokesman for RBS confirmed the new policy.

Reporting By Emma Rumney and Lawrence White Editing by Alexandra Hudson

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