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RBS accused of misleading MPs in small business probe

A Royal Bank of Scotland boss has admitted the bank covered up the scale of an internal probe into its treatment of small businesses.

Deputy chief executive Chris Sullivan admitted he had not revealed the full extent of what he knew about the investigation, which looked at whether the bank was shutting down small firms to seize their assets.

Law firm Clifford Chance had been hired to look into claims the bank’s global restructuring group was profiting from struggling small businesses. Sullivan previously told the Treasury Select Committee he had not seen the subsequent report.

“I need to correct a statement I made to the committee that I did not see a draft of the report … I can confirm that I was in receipt of a copy during this period and made some comments,” Sullivan said.

The bank was accused of being “wilfully obtuse” by committee chairman Andrew Tyrie MP.

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