RBS admits mis-selling loans to small businesses under Government-backed scheme

‘Royal Bank of Scotland has admitted mis-selling loans to business customers under a Government-backed scheme.

The bank, which is 80 per cent owned by the taxpayer, said it would start contacting 1,800 customers who took out loans and either defaulted or ended up in a difficult financial position. RBS said that in a ‘number of instances’ it had failed to properly explain to customers the protection offered under the Enterprise Finance Guarantee scheme.’

Read more: RBS admits mis-selling loans to small businesses under Government-backed scheme