RBS agrees settlement with Financial Services Authority

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RBS agrees settlement with Financial Services Authority

The Royal Bank of Scotland Group plc (RBS Group) today announces that it has reached a settlement with the Financial Services Authority (FSA) following the completion of an investigation into RBS and NatWest's retail branch banking complaint handling procedures. RBS Group will pay a fine of £2.8 million.

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11 January 2011

The problems were identified as part of an FSA review of RBS's routine complaint handling between September and December 2009. This review was part of a wider review of complaint handling in major banks.

Throughout the investigation, the Group has fully co-operated with the FSA and has already made improvements to its complaint handling arrangements. This investigation refers to routine and non-complex complaints.

Brian Hartzer, CEO, UK Retail, Wealth and Ulster Bank said:

"We acknowledge the findings of the FSA investigation. It confirmed short comings in our routine complaint handling that we assessed in our own internal review and which we are committed to putting right.

"We recognise the importance of complaint handling for our customers and are focussed on addressing the root causes of complaints. Such is our determination to get this right for our customers that complaint resolution features as one of our Customer Charter commitments."

For further information please contact:

Richard O'Connor
Head of Investor Relations
+44 207 672 1758

Dan Lambert
Head of Corporate and Retail Media
Tel: +44 (0)207 672 1960

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