SRA decides against Clifford Chance investigation over RBS report complaint

Regulator finds no evidence of potential misconduct by firm in report on bank's controversial global restructuring group

The Solicitors Regulation Authority (SRA) has decided not to take action against Clifford Chance (CC) following allegations that the magic circle firm overlooked fraud during its investigation into the Royal Bank of Scotland’s (RBS) treatment of small companies in 2014.

The allegations centred around CC’s report on the bank’s global restructuring group (GRG), which was commissioned by RBS following allegations that the group was culpable for “systematic and institutional” poor behaviour in artificially distressing viable UK small and medium-sized businesses.

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