City watchdog will take no action against RBS over mistreatment of small businesses

Senior managers at the Royal Bank of Scotland will not face any disciplinary action over the mistreatment of small businesses left struggling after the financial crisis.

The bank’s controversial Global Restructuring Group has been accused of deliberately driving small firms into the ground so it could sell off their assets on the cheap.

Furious business owners who say their lives were ruined by the bank have described the city watchdog as a “supine, toothless regulator”.