Treasury committee members tell investments fund to be ‘ultra-vigilant’ on motives behind token bank fees for work on Lloyds and RBS sell-offs

The company established by the Treasury to hold the taxpayers’ stakes in RBS and Lloyds has been warned to remain “ultra-vigilant” after it was revealed some of the City’s biggest investment banks – including Goldman Sachs and UBS – are charging the government a £1 fee for work that would normally cost tens of millions of pounds.

Representatives of UK Financial Investments told the Treasury select committee it had paid just £15 for help and advice related to the sale of shares in Lloyds Banking Group and RBS which would normally have cost around £38m.

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Source: The Guardian Circular Economy RSS