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MSE News: Mis-selling and IT meltdown to cost RBS £300m

Former_MSE_Guy
Former_MSE_Guy Posts: 1,650 Forumite
I've been Money Tipped! Newshound! Chutzpah Haggler
in Budgeting & bank accounts
"Taxpayer-backed RBS racked up more than £300 million in charges today as it counted the cost of numerous scandals ..."
Read the full story:
Mis-selling and IT meltdown to cost RBS £300m


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Comments

  • corbyboy
    corbyboy Posts: 1,169 Forumite
    Part of the Furniture
    Since these charges will have all been passed on to customers by other banks and financial institutions, I am surprised the banks don't have an agreement to just cancel the charges in these situations.
  • callum9999
    callum9999 Posts: 4,439 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    corbyboy wrote: »
    Since these charges will have all been passed on to customers by other banks and financial institutions, I am surprised the banks don't have an agreement to just cancel the charges in these situations.

    Why on earth would they? If you were running a bank and had the option of charging a customer a £12+ fee for going overdrawn/missed payments etc. which would be paid by my competitor (so probably no ill-feeling from my customer about it) or getting nothing, what would you choose?
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    10,000 Posts Combo Breaker
    Costs RBS £300,000,000 but given RBS is still 85% owned by the tax payer it looks like it'll be a fair bit longer before we see any return on our collective investment in that group.
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