Tomlinson Report
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.[1] 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).
Background
[edit]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.[2]
Regulatory response
[edit]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.[3][4]
Lawrence continues to work with the FCA Skilled Person to aid their review which is due to report in Quarter 3 of 2014.
RBS response
[edit]Immediately following the publication of the Tomlinson Report, RBS appointed Clifford Chance to investigate whether they were guilty of systematically defrauding their customers.[5] 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.[6]
References
[edit]- ^ "Lawrence Tomlinson Report". Tomlinsonreport.com. Retrieved 8 March 2015.
- ^ "You don't expect a proper bank to pinch your house". The Sunday Times. 24 November 2013. Archived from the original on 3 December 2013. Retrieved 8 March 2015.
- ^ "Statement regarding Royal Bank of Scotland - Financial Conduct Authority". Fca.org.uk. Retrieved 8 March 2015.
- ^ "Update on independent review of Royal Bank of Scotland's treatment of business customers in financial difficulty - Financial Conduct Authority". Fca.org.uk. Retrieved 8 March 2015.
- ^ "RBS responds to Clifford Chance report into allegation of systematic fraud". Rbs.com. Retrieved 8 March 2015.
- ^ "7 Things RBS Hoped You Would Not Notice In Its Clifford Chance Report". Huffingtonpost.co.uk. 17 April 2014. Retrieved 8 March 2015.
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