Saturday, May 28, 2022
1Sir Fred Goodwin still receiving bank discount

Sir Fred Goodwin still receiving bank discount

Sir Fred Goodwin

By Alexander Lawrie

SHAMED banking boss Sir Fred Goodwin is still receiving staff rate insurance to cover his £500,000 fleet of cars.

The under-fire Goodwin walked off with a massive £16m pension, but RBS is still insuring his seven cars under an employee scheme.

And the bank is even putting together a deal to slice off £1000 of Goodwin’s £6000 premium renewal – but has yet to formalise the deal.

Sir Fred, 50, who was forced to resign last October after overseeing the largest banking loss in corporate history, has accumulated two Ferrari’s, a Mercedes, a Range Rover Vogue, a Rover 45, a Jaguar S-Type, and his pride and joy, a Triumph Stag.

Bank bailout

A bank insider said: “Can you think of anything more irritating than this man getting a whopping discount.

“It is amazing no-one thought it might be inappropriate to offer him a better deal when he is in dispute with the government which effectively now owns the firm.

“He presided over disaster at RBS – they should tell him to find another insurer.”

Under Sir Fred’s leadership RBS lost an amazing £24.1 billion and was only rescued after a bailout by the taxpayer.

RBS, who owns insurance companies Direct Line, Churchill and Privilege, may offer to insure the fleet of cars collectively instead of individually.

Extravagant lifestyle

Vince Cable, the Lib-Dem Treasury spokesman, said the insurance policy was “one of many loose ends left over from his days of extravagance”.

He said: “People will be shocked that, after dragging down the bank, he is getting such treatment.”

But RBS have insisted: “The premium Sir Fred Goodwin pays for his insurance does not include any staff discount.”

Sir Fred is also under-fire for spending a fortune on expensive wallpaper and carpets during his time as head of the bank.

Wallpaper costing £1000 per roll was allegedly used to decorate the lobby outside Sir Fred’s office after a small stain was spotted on one wall.

And it has also been claimed two huge RBS boardrooms were re-carpeted twice, at a cost of £100 per square yard, because Sir Fred did not like the colour.

Other allegations recently leveled against the beleaguered banker include splashing out £100,000-a-month on part-time chauffeurs and having fruit specially flown in from Paris.

Super-rich bank

And it has also been revealed that the reviled banking boss has just opened an account at a private bank reserved for the super-rich.

Prestigious bank Adam & Company, which is based in Edinburgh’s exclusive Charlotte Square, claims to deliver a personal service to clients with “complex financial affairs”.

The exclusive bank, who have offices in Edinburgh, London and Guernsey, were bought over by RBS in 1993, but operate as a private bank with RBS as the parent company.

Related Stories