Commenting on the review RBS CEO Ross McEwan said:
"RBS played a big role in the lending boom that led to the UK's economic crisis. After the crash, tens of thousands of our customers saw their asset values plummet and ended up in serious financial difficulty. This was an economic crisis for Britain, but it was also a very personal tragedy for many families and small businesses around the country.
"Serious allegations have been made about how some of these customers were treated by the bank. We have to investigate those fully and we will. The review I have commissioned will examine the details of the allegations that have been made and will have access to whatever information it needs.
"It is important to note that the most serious allegation that has been made is that RBS conducted a 'systematic' effort to profit on the back of our customers when they were in financial distress. We do not believe that this is the case, but it has nonetheless done serious damage to RBS's reputation. No evidence has been provided for that allegation to the bank. The review will investigate the claim fully and I will report back on its findings.
“The news of recent days doesn’t reflect the great work people across RBS do to support our customers every day. It is vital that we enjoy the trust of our customers and I cannot allow these allegations to undermine that trust.”
Clifford Chance will conduct the review on an independent basis, it will be lead by a regulatory partner within the firm and with a team that has had no previous dealings with GRG matters.
Clifford Chance will report back to RBS in the New Year, and RBS will address any shortcomings identified.
RBS continues to work closely with the Financial Conduct Authority (FCA) on the establishment of this review. The bank will share all findings with the FCA. RBS will also cooperate with the FCA and Prudential Regulation Authority (PRA) in any of their own investigations.