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The Royal Bank of Scotland faced fresh damage to its reputation on Monday after the British government handed financial watchdogs a report claiming it forced small firms to default in order to seize their assets. Business Secretary Vince Cable confirmed on Sunday that he had given the report, written by Lawrence Tomlinson from the Department for Business, Innovation and Skills, to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The report, published Monday, has been compiled over the past six months and focuses on claims against the bank's Global Restructuring Group (GRG), which deals with risky loans. RBS -- 81 percent owned by the state following its near collapse during the 2008 financial crisis -- announced on November 1 it was to create an internal 'bad bank' to run down £38 billion of high-risk assets as the government looks to return the rescued lender to the private sector.
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