Ex-RBS chief under fire for £16m pension as bank posts record losses

Chancellor Alistair Darling told the BBC of the government's approach after it emerged that Sir Fred is drawing a pension of £650,000 a year. Although he is only 50, he is entitled to the payment for life, with a pension pot worth £16m. "You cannot justify these excesses," Mr Darling told the BBC's Today programme. "We've got the lawyers looking at this, but I do think that on a voluntary basis, actually, Sir Fred could resolve this problem and he could do it quite quickly." Darling told the BBC: "At my request, my ministerial colleague, Lord Myners, spoke to Sir Fred [on Wednesday] a...