MSE News: Mis-selling and IT meltdown to cost RBS £300m 3 August 2012 at 11:22AM in Budgeting & bank accounts 3 replies 1.4K views

Former_MSE_Guy

"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

corbyboy

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

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

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.