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

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"Taxpayer-backed RBS racked up more than £300 million in charges today as it counted the cost of numerous scandals ..."

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  • corbyboy
    corbyboy Posts: 1,169 Forumite
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    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: 4,400 Forumite
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    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
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    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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