What is EFG?
The Enterprise Finance Guarantee (EFG) is a government lending initiative for small businesses with viable business proposals that lack security for conventional lending.
What is the size of RBS’ involvement in the scheme?
We are the industry leader in offering the EFG scheme which has enabled us to lend over £900m to 9,000 small businesses across the UK, that otherwise would not have been able to access finance due to a lack of available security.
What has come to light today?
RBS has recently undertaken a review to examine whether we clearly explained borrower and guarantor liabilities to EFG customers. Regrettably, the results of the review of a sample of cases have confirmed that, based on statistical analysis of our sample, there are instances where the bank’s explanation did not meet our standards.
What is RBS doing as a result of these findings?
RBS is acting swiftly and robustly to ensure neither our customers nor the Government are adversely impacted by the issues identified. We have already made a number of improvements to our systems to ensure that new customers understand the scheme features. In addition, we are implementing a thorough review of EFG customers that are likely to have been impacted. The review is being led by a team of specialists and are cooperating fully with the BBB and relevant stakeholders.
Who can I contact if I think I have been impacted by this?
If you have any questions or concerns please contact 0345 835 5478.