Clifford Chance drafted in for RBS SME investigation

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  • Considering how Tomlinson specifically attacks the Bank's cosy relationships with its panel accountants, IPs, valuers and lawyers, I'm slightly surprised by this.

    I'm not sure how a report commissioned by RBS from a law firm which has been used "for much of its work in recent years" is supposed to counter Tomlinson, at least when it comes down to perception.

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  • On the same day as a news report saying that magic circle partner rates have hit an all-time high of £850, perhaps RBS could have tried using a smaller firm for this review (thereby supporting small businesses) rather than throwing more tax-payers' money away by running straight off to CC? I'd also question the independence of CC's "investigation" given how much work they get from RBS. What's their incentive to really get to the bottom of the issue, rather than just delivering the answer that RBS want?

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  • Don't forget the £850 an hour CC Partners will then throw a small army on to the review from paralegals, trainees, associates, senior associates, et etc.

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  • Agreeing with Anonymous (26-Nov-2013 12:12 pm) - Surely CC are massively conflicted here?

    No doubt many of the top firms who have the capability to deal with this are conflicted, but not all can be. Surely any independent review needs to be carried out by an independent law firm, and more to the point to be SEEN to be carried out by an independent firm.

    In the end the FCA involvment and weight of governmental and public opinion probably means CC's report will be disregarded in any event, and CC's role limited to negotiating re sanctions...

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  • The Tomlinson report- partial (to shareholders and directors), technically inaccurate in many places and based on few, if any corroborated facts. Interesting that there is no mention troughout the report of one group of stakeholders in companies who often benefit from banks' actions- the employees (think Thomas Cook, for example (a customer of RBS' GRG)). Businesses get into difficulty, sometimes unavoidably, sometimes through ineptitude (or worse) of their management. No man, however, is a sinner in his own eyes, so management can find it difficult to accept blame. That is not to say that banks don't get it wrong form time to time, but this report is pathetic and doesn't begin to analyse the issues properly- nice to see Vince and his mates championing shareholders over employees

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