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Bailey faces questions over agency linked to RBS scandal
By Justin Cash 15
th March 2021 8:14 am
Bank of England governor Andrew Bailey is being asked questions over whether a government agency he helped devise could have been linked to RBS’ improper practices against small business clients.
Between 2009 and 2013, RBS has been accused of widespread mistreatment of customers in its Global Restructuring Group, putting its own interest ahead of its clients by forcing small business clients into financial ruin to the bank’s own financial benefit.
Bailey worked with the Treasury to create the Asset Protection Agency, which had oversight of RBS’s controversial division.
Bank of England governor Andrew Bailey is facing questions over a scheme for businesses (Yui Mok/PA)
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Bank of England governor Andrew Bailey is facing questions over his role designing a scheme allegedly linked to a Royal Bank of Scotland unit that mistreated small businesses.
The chair of the All Party Parliamentary Group on Fair Business Banking, Kevin Hollinrake, called for Mr Bailey to explain why he had not disclosed his role in the establishment of the Treasury’s Asset Protection Scheme while working for the Financial Conduct Authority.
Andrew Bailey under pressure over link to RBS scandal
Andrew Bailey has been Governor of the Bank of England for a year. He was formerly the head of the Financial Conduct Authority. (Getty Images)
Bank of England Governor Andrew Bailey is under fire after it emerged that he played a role in designing a scheme that left thousands of small businesses in ruin after the financial crisis.
Bailey was one of those who helped the Treasury design its Asset Protection Agency, which pressured lender RBS (now Natwest) to withdraw loans from customers and seize their assets.
Despite being asked about the scandal back in 2016 when being vetted for his former role as head of the Financial Conduct Authority, he did not disclose his role in helping set up the body, the Times reported.