Clifford Chance faces potential SRA investigation over controversial RBS review

SRA confirms it is 'likely to investigate' magic circle firm's role in independent RBS review

Clifford Chance (CC) could face an investigation from the Solicitors Regulation Authority (SRA), following an allegation that it overlooked a claim of fraud during a review it carried out into lending practices at Royal Bank of Scotland’s (RBS) turnaround division.

The magic circle firm was called in to review RBS’s global restructuring group (GRG) in 2013 after claims that the bank had mistreated thousands of small companies. While CC’s report into the division’s lending practices, published in April 2014, was critical of the bank it found no serious wrongdoing.

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