RBS Launches a New Complaints Process and Refund of Complex Fees for SME customers in GRG

RBS has announced, with FCA agreement, (1) a new GRG complaints process, and (2) refunds of some fees paid by SME customers in GRG.

LIMITATION WARNING: Businesses that were or are affected by the restructuring or turnaround divisions of the major banks must urgently take legal advice on their specific cases. If you fail to do so your legal rights will become time-barred by virtue of the Limitation Act 1980, resulting in the complete loss of your right to compensation via legal channels. Legal rights can be reserved by instructing solicitors to agree a carefully negotiated standstill agreement or by issuing protective legal proceedings Businesses affected and entitled to redress should take urgent legal advice.

Businesses affected and entitled to redress should take urgent legal advice from a specialist solicitor experienced in bringing legal actions against RBS GRG.

RBS also responded to the FCA’s update on its review into the treatment of SME customers in the bank’s former Global Restructuring Group (GRG) between 2008 – 2013 and its summary of the Promontory Financial Group report.

RBS said:

As the bank has acknowledged, in some areas, it could have done better for SME customers in GRG. Specifically, the bank could have managed the transition to GRG better and should have better explained to customers any changes to the prices or complex fees it was charging. The bank accepts that it did not always communicate as well or as clearly as it should have done. The bank also did not always handle customer complaints well.

RBS notes that the FCA’s update confirms that no evidence was found that the bank artificially engineered a position to cause or facilitate the transfer of a customer to GRG or identified customers for transfer for inappropriate reasons and that all SME customers transferred to GRG were exhibiting clear signs of financial difficulty. The update makes clear that there were no cases where the purchase of a property by West Register alone gave rise to a financial loss to the customer and that there was no evidence of intent for West Register to purchase assets being formed prior to the transfer to GRG. It also states that, in a significant majority of cases, it was likely that RBS’s actions did not result in material financial distress to these customers.

As a result of the historical issues identified, RBS is taking two important steps for those SMEs in the UK and ROI that were customers in GRG during the period between 2008 – 2013. This activity is designed to address the bank’s failings.

Statement from the Royal Bank of Scotland

A New Complaints Process:

For those customers in scope, overseen by retired High Court Judge, Sir William Blackburne. Sir William’s appointment as Independent Third Party adds a robust, transparent and independent step to the complaints process, should SME customers who were in GRG wish to complain about their treatment or challenge the bank’s decision on a previous complaint.

An Automatic Refund of Complex Fees:

Paid by SMEs in the UK and ROI that were customers in GRG during the relevant period. This will save customers from further delay, ensure that the bank can start refunding fees more quickly and demonstrate our commitment to addressing issues of the past.

The bank estimates the costs associated with the new complaints review process and the automatic refund of complex fees to be approximately £400m, to be provided in Q4 2016. This includes the operational costs of both the fee refund and the new complaints process, together with the refund of complex fees and additional estimated redress costs arising from the new complaints process.These proposals have been developed with the involvement of the FCA which agrees that these are appropriate steps for the bank to take. RBS will provide further details of the new complaints process on its website.

It is important to remember that the period in question, between 2008 – 2013, was a very challenging time for the bank and its customers. In 2008, there was an unprecedented increase in SMEs falling into financial distress and the number moving into GRG increased by around 400%. RBS lost more than £2bn from lending to SME customers.

RBS continues to cooperate fully with the FCA and remains keen to understand, and learn lessons from, any conclusions that the FCA draws in its review.  It would not be appropriate to comment further on that review until those conclusions have been published.

Ross McEwan, CEO of RBS said:

“We have acknowledged for some time that mistakes were made. Some of our customers went through what was a traumatic and painful experience as a result of the crisis. I am very sorry that we did not provide the level of service and understanding we should have done.

“Although the FCA review into the historical operation of GRG continues, we believe that now is the right time to deal with the areas where we accept some customers were let down in the past.  I am pleased that with the agreement of the FCA, we are able to announce a new complaints process overseen by Sir William Blackburne, alongside an automatic refund of complex fees paid by SME customers who were in GRG between 2008 – 2013.

“The culture, structure and way RBS operates today is fundamentally different from the period under review. We have made significant changes to deal with the issues of the past, so that the bank can better support SME customers in financial difficulty whilst also protecting the bank’s capital.”

RBS GRG Review FAQ: Frequently Asked Questions

Our announcement

A) Why are you making this announcement now? 

The steps announced today have been developed with the involvement of the FCA who agree these actions are appropriate steps for us to take. We are now in a position to announce a new complaints process overseen by Sir William Blackburne alongside an automatic refund of complex fees paid by SME customers who were in GRG between 2008-2013.

B) What do I need to do?

We have provided the answers to a wide range of frequently asked questions that will hopefully address any initial queries that you may have.

There is nothing that you need to do to start the automatic fee refund process. In the next few weeks, we will start sending letters to customers to let them know if they are included in the automatic fee refund.

If you have a complaint, please read the relevant section in these FAQs to understand whether or not you are in scope for the new complaints process. We have also explained how to make a complaint.

If you have any further questions you can contact the GRG Customer Helpdesk by emailing

[email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

C) What should I do if I need urgent support? 

If your current circumstances dictate that you need to speak to us urgently then please contact us as soon as possible.

In-scope customers should contact the GRG Customer Helpdesk by emailing [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

If you are not in scope, you should contact your relationship manager or if it is in relation to an existing complaint then you should contact your complaint handler.

Customers affected by our announcement

A) Which customers are affected by our announcement? 

The steps being announced today are for small and medium-sized enterprise (SME) customers that were in GRG during the period 2008-2013.

B) Does this announcement include GRG customers in the Republic of Ireland? 

Ulster Bank in the Republic of Ireland is regulated by the Central Bank of Ireland (CBI). For SME customers of Ulster Bank in the Republic of Ireland that were in GRG during the period 2008-2013, we are working to see how we can apply the same support where appropriate.

SME customers of Ulster Bank in the Republic of Ireland can contact the GRG Customer Helpdesk if they have any queries using the same contact details. We have provided a low cost international number to minimise the cost. We will be happy to call customers back so that customers do not incur the cost of the call.

You can contact the GRG Customer Helpdesk by emailing [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

C) How do I find out if I, or my company, is in scope for the new complaints process? 

We will start by writing to customers who are in scope in the next few weeks to let them know.

If you do not receive a letter by 12th December 2016 and wish to check with us whether or not you were in GRG during the relevant period, you can contact the GRG Customer Helpdesk by emailing [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

D) How do I know if I, or my company, is also in scope for the automatic refund of complex fees? 

Please read the section of the FAQs that relates to the automatic refund of complex fees to understand whether or not you are in scope.

E) How do you define an in-scope customer? 

A customer is in scope if they meet all of the following criteria:

  • A UK or Republic of Ireland customer
  • and a small or medium-sized enterprise (SME) customer
  • under the control of GRG
  • during the period 2008-2013.

F) Which customers are not considered to be in scope? 

Customers are unlikely to be considered a small or medium-sized enterprise if they were or are:

  • an entity with listed securities
  • an entity with debt syndicated across a number of banks
  • registered offshore or the majority of its shareholders are offshore
  • private equity backed
  • a Special Purpose Vehicle (SPV), or
  • a sizeable business based on financial metrics (e.g. debt facilities and/or turnover higher than £20m).

G) Why are you only looking at the period 2008-2013?

The period 2008-2013 is the relevant period under the FCA review.

The period 2008-2013 was a very difficult time for the bank, our customers and the wider economy. There was an unprecedented increase in SMEs falling into financial distress and the number of customers managed by GRG increased by around 400%. As GRG adapted to the pressure of growing numbers, the bank accepts that during this period it did not always provide the level of service and understanding that we should have done.

H) What do I do if I’m not in scope? 

If you would like to complain you should contact your relationship manager or if it is relation to an existing complaint then you should contact your complaint handler.

New complaints process

A) How do you define an in-scope customer for the new complaints process? 

A customer is in-scope for the new complaints process with independent third-party oversight if they meet all of the following criteria:

  • A UK or Republic of Ireland customer
  • and a small or medium-sized enterprise (SME) customer
  • under the control of GRG
  • during the period 2008-2013.

B) Can I complain if my company is insolvent? 

Yes, you can complain. However, we are only able to deal with the officials of the company presently appointed and listed at Companies House. So you will also need to engage with the relevant person at the Administrator or Liquidator should you wish to complain.

C) How do I make a complaint? 

If you would like to raise a complaint in relation to GRG, please complete the complaints form which can be found on our website [PDF 96KB] and email a copy to the GRG Customer Helpdesk: [email protected]

If you would prefer, you can also write to us using the postal address:

GRG Customer Helpdesk, PO Box 71875, London. N1P 1WZ

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

D) Do I need to wait for the FCA review to be completed? 

No, you do not need to wait for the FCA review to be completed.

The steps we have announced have been developed with the involvement of the FCA who agree these actions are appropriate steps for us to take now.

E) Do I need to have a solicitor or third party to represent me? 

No. The complaints process is very straight forward and we are here to answer any questions you may have, so we do not believe it is necessary for customers to involve solicitors in making a complaint. The new complaints process, including the Independent Third Party appeals process, will not make any determination on legal causes of action.

If you would like a solicitor or third party to represent you, we will need a letter of authority from you to confirm the person or firm you want us to deal with on your behalf.

F) Are there any reasons why you won’t review my complaints? 

Yes. The review process is not appropriate for complaints that have previously been the subject of a decision by the Financial Ombudsman Service (FOS) or of the courts. It also may not be appropriate to consider complaints from customers in ongoing litigation against the bank or who have threatened litigation in formal Letters Before Claim unless the customer and RBS agree to stay those proceedings while the complaint is being considered.

The review process will not make a determination on legal causes of action or in relation to allegations of criminal behaviour, fraud, dishonesty or other issues of conscious impropriety by RBS or its staff. Customers should refer any such allegations to the appropriate authorities.

Further detail about the complaints process will be provided in the principles governing the review of complaints relating to RBS’s Global Restructuring Group which we will make available on our website shortly: www.rbs.com/grg

G) What do I do if I’m not in scope? 

If you would like to complain you should contact your relationship manager or if it is relation to an existing complaint then you should contact your complaint handler.

H) How will the new complaints process work? 

We are creating a new complaints process for SME customers that were in GRG during the period 2008-2013 which will be delivered by a specialist team. An independent third party, retired Chancery High Court Judge, Sir William Blackburne, will perform an assurance and appeal role as part of the process. This adds a more robust and independent step to the complaints process to deliver fair outcomes should SME customers who were in GRG wish to complain about their treatment.

The bank will assess a customer’s complaint in the first instance and then advise the customer in writing whether the complaint has been upheld and, if so, whether we propose to pay any compensation for direct losses incurred by the customer.

The customer will have the option to appeal this decision to the Independent Third Party within 28 days of the date of the decision letter. A customer can appeal against any aspect of the decision reached by the bank’s complaints process. This includes appealing against complaints that have been upheld by the bank but where the customer is unhappy with the outcome determined by the bank.

If appealed, the Independent Third Party will reach their own conclusion on whether the complaint should be upheld or not and on what basis. The Independent Third Party will record their decision, including any award for direct loss only, and a brief summary of their reasons will be provided to RBS and the customer.

Subject to the customer accepting the Independent Third Party’s decision, the decision of the Independent Third Party will be binding on the bank.

Further detail about the complaints process will be provided in the principles governing the review of complaints relating to RBS’s Global Restructuring Group which we will make available on our website shortly: www.rbs.com/grg

If you have any questions about this process please contact the GRG Customer Helpdesk by emailing [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

I) What do you mean by direct losses?

We will provide further clarification on direct losses in the principles governing the review of complaints relating to RBS’s Global Restructuring Group which we will make available on our website shortly: www.rbs.com/grg

J) Will you consider claims for consequential loss? 

In the event that a complaint is upheld through the complaints process, and the customer accepts the decision, the bank will consider any claim for consequential loss that the customer wishes to pursue, based on the findings. In considering any claim for consequential loss, the bank will apply established legal principles to determine whether the loss is factually and legally attributable to it.

The process for consideration of claims for consequential loss will not be overseen by the Independent Third Party and there will be no right of appeal to the Independent Third Party in respect of consequential loss claims.

Further detail about the complaints process will be provided in the principles governing the review of complaints relating to RBS’s Global Restructuring Group which we will make available on our website shortly: www.rbs.com/grg

K) What is the role of the Independent Third Party? 

The Independent Third Party will play a dual role:

(1) provide assurance that the process and methodology for the complaints review are appropriate and provide a framework that enables a thorough and robust assessment of complaints both at the outset and on an ongoing basis;

(2) operate the Independent Third Party appeals process. This will include:

  • where a customer appeals a decision made in the bank’s complaints review, assessing RBS’s actions that are the subject of the complaint having regard to certain standards
  • where the Independent Third Party decides it is appropriate, assessing and awarding compensation for direct loss, and
  • preparing a record of their decision in a short summary document and providing this to RBS and the customer.

L) Do all customers that complain have access to the Independent Third Party appeal process? 

All in-scope customers will have the right of appeal to the Independent Third Party.

Customers that are not in scope will not be able to appeal to the Independent Third Party.

M) Can I speak to the Independent Third Party directly? 

No, that is not thought to be necessary. The Independent Third Party’s role is to provide assurance and oversight of the complaints process and operate the Independent Third Party appeals process.

However, in exceptional cases where the Independent Third Party believes it is appropriate to do so, the Independent Third Party will have the option to ask a customer to provide evidence or arguments in person. There will be no obligation on the customer to provide evidence in person and deciding not to do so will not affect the Independent Third Party’s duty to deliver a fair outcome for the customer.

Read more at https://www.rbs.com/rbs/news/2016/11/GRG.html

Automatic refund of complex fees

A) How do you define an in-scope customer for the automatic fee refund? 

A customer is in-scope for the automatic fee refund if you paid any of the fees being automatically refunded and meet all of the following criteria:

  • A small or medium-sized enterprise (SME) customer
  • During the period 2008-2013
  • Under the control of GRG
  • A UK or Republic of Ireland customer

B) Why are you reviewing the complex fees paid by SME customers in GRG? 

GRG used a variety of different fees or pricing tools to reflect the increased cost of risk associated with customers in financial difficulty, and sometimes charged fees that our SME customers were not familiar with, either because they were not commonly used, or because they were a bespoke pricing instrument.

For SME customers in GRG during the crisis, some of the complex fees charged were not properly communicated or were not explained clearly enough so we have decided to automatically refund them. This will save customers from further delay, ensure that we can start refunding fees more quickly and demonstrate our commitment to addressing issues of the past.

C) How will the automatic refund of complex fees work? 

There is nothing that you need to do. There are a number of steps in the process and we will be doing all of them proactively:

  • We will start sending letters to customers in the next few weeks to inform them that the fees they paid will be included in the fee review.
  • We will then review the fees paid by customers in GRG to determine whether or not they are one of the fees that we have agreed to refund (see list below).
  • Once we have completed the fee review, we will then write to customers to confirm any fee refunds that will be paid.
  • Refunds will be made automatically to the account of RBS customers. We will discuss with former customers the simplest way to pay any refund due.
  • We will pay interest on the refunded fees at the prevailing (credit or borrowing) rate applicable at the relevant time to the account which the fees were charged.

D) When is this process going to start? 

There is nothing that you need to do to start the automatic refund of complex fees. In the next few weeks, we will start sending letters to customers to let them know if they are included in this process.

The GRG Customer Helpdesk is available to support customers from today. If you have any questions that have not been addressed in these FAQs, you can contact the GRG Customer Helpdesk by emailing [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

E) When will this process be completed? 

We will be working as quickly as possible to substantially complete the automatic fee refund. Our aim is to complete this part of the process during 2017.

For customer complaints, the time required will vary for each customer depending on the nature and complexity of the complaint. We will ensure that customers are kept updated regularly and provide reasonable estimates of the time required in each case.

F) What fees are being refunded? 

During the period 2008-2013, a number of different names or terms may have been used to describe the fees charged. But the list below outlines the fee types charged to SME customers in GRG between 2008-2013 that are included in the automatic fee refund:

  • Management / Monitoring Fees: Fees charged to cover the increased costs incurred in relation to managing customers in restructuring situations. Usually this is a fixed amount per month / quarter.
  • Asset Sales Fee: Fee charged on the sale of an asset to reflect the bank’s increased risk profile such as in circumstances where the customer’s cash flow could not meet the increased margin required by the bank on an ongoing basis.
  • Exit Fee: Fee charged at the point of repayment to reflect the bank’s increased risk profile such as in circumstances where the customer’s cash flow could not meet the increased margin required by the bank on an ongoing basis.
  • Mezzanine Fee: Fee charged to reflect mezzanine risk (i.e. the debt level above the bank’s standard senior debt appetite), usually expressed as a percentage of the mezzanine debt level.
  • Ratchet Fee: Variable fee charged by the bank in relation to a repayment milestone.
  • Risk Fee: Fee charged to reflect an increased risk profile in continuing to support a customer for a period of time following an event of default or failure to agree a formal renewal of expired contractual facilities.
  • Late Management Information (MI) Fee: Fee charged for the late submission of management / financial information by the customer.

G) Are Property Participation Fee Arrangements (PPFAs) and Equity Participation Arrangements (EPAs) included in this review? 

Yes. The fees paid under PPFAs will be refunded. If the PPFA has not yet matured we will contact the customer to discuss releasing them from their obligations under the agreement.

We will also contact customers to discuss the return of equity in relation to EPAs.

H) Will all of my fees be refunded? 

We are refunding the complex fees that were paid by SME customers in GRG during the period 2008-2013. Before making any payments in this regard, we will assess each customer’s circumstances on a case-by-case basis and exercise our legal and/or contractual rights of set off where it is appropriate to do so. For example, where we have made demand for repayment the refund will be credited to the current/loan account to reduce amounts outstanding.

Where there is no default the customer will receive the full benefit of the refund. For former customers that no longer bank with any part of RBS, we will contact you to agree how any refund due will be paid.

I) What fees are not being refunded? 

  • Facility Fees: These include Arrangement Fees, Facility Fees and Renewal Fees which are payable to the bank for arranging / amending / renewing new or existing facilities. These fees are usually paid upfront however depending on a customer’s cash flow these fees may be paid on a deferred basis, over an extended period of time or on refinance or exit or from surplus asset sales proceeds.
  • Excess Fee: Fee payable when the balance on a customer’s account is either: (a) overdrawn, with no formal facility in place; or (b) in excess of any agreed overdraft facility limits.
  • Commitment Fee: Fee payable that relates to the provision of a committed facility
  • Covenant Waiver / Breach Fee: Fee payable when a documented facility covenant has been breached.
  • Security Fee: Fee charged by the bank or re-charged via a third party to a customer to cover the cost of carrying out a legal review of security and / or facility documentation held.

J) Will you be refunding the additional cost of margin increases? 

Margins are part of standard banking practice and are not complex. Therefore, margins are not in scope for the automatic refund of complex fees.

K) Can I receive an automatic refund if my company is dissolved? 

Where a refund is due, you will need to reform the dissolved entity in order to receive the refund.

L) What do I do if I’m not satisfied with the automatic fee refund process? 

If you’re not satisfied with the automatic fee refund process you are able to complain under the new complaints process.

If you would like to raise a complaint in relation to the automatic fee refund, please contact the GRG Customer Helpdesk by emailing [email protected]

A complaints form can be found on our website: [PDF 96KB]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

Contact details

A) Who can I speak to about this? 

The new complaints process is for UK SME customers in GRG during the period 2008-2013.

If you would like to contact us about any of the issues raised in our announcement you can contact the GRG Customer Helpdesk by email or phone.

Email: [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

If you would prefer, you can also write to us using the postal address:

GRG Customer Helpdesk, PO Box 71875, London. N1P 1WZ

B) Is there a complaints form I can complete? 

Yes. The complaints form can be found on our website [PDF 96KB]

C) What are the opening hours for the GRG Customer Helpdesk? 

The opening hours for the GRG Customer Helpdesk are 9am – 5pm.

You can send an email at anytime to [email protected] and we will aim to reply within 48 hours.

D) Can I speak to my relationship manager about this? 

There is no need for you to speak to your relationship manager. We will be proactively contacting customers to let them know if they are in scope.

This is designed to be an independent process and our relationship managers have been told to direct any queries related to this announcement to the GRG Customer Helpdesk.

Email: [email protected]

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

E) What is the email address for queries and complaints? 

Email: [email protected]

F) What is the phone number? 

Alternatively you can call the helpdesk using one of the following numbers:

Telephone: 0800 0294 370

or from abroad: +44 184 222 6142

Text Relay: 18001 0800 0294 370

G) Can I speak to the Independent Third Party directly? 

No, that is not thought to be necessary. The Independent Third Party’s role is to provide assurance and oversight of the complaints process and operate the Independent Third Party appeals process.

However, in exceptional cases where the Independent Third Party believes it is appropriate to do so, the Independent Third Party will have the option to ask a customer to provide evidence or arguments in person. There will be no obligation on the customer to provide evidence in person and deciding not to do so will not affect the Independent Third Party’s duty to deliver a fair outcome for the customer.

FCA update and ongoing review

A) What is the review the FCA is working on? 

The FCA review of the historical treatment of SME customers in GRG remains ongoing.We are continuing to cooperate fully with the regulator and remain keen to understand any conclusions they will draw from the review and learn the lessons from that. It would not be appropriate to comment further until the FCA has finished its review and published conclusions.More information can be found on the FCA website:https://www.fca.org.uk/news/press-releases/review-royal-bank-scotland-treatment-customers-referred-global-restructuring-group

B) Who are Promontory Financial Group and what is their role? 

The FCA appointed Promontory Financial Group in 2014 to review RBS’s treatment of SME customers transferred to GRG between 2008 and 2013. The role is referred to as the skilled person and their final report was provided to the FCA in September 2016.

C) Do you agree with the all of Promontory’s findings published by the FCA today? 

We accept many of Promontory’s findings but there are a number of aspects where we have a different view. Irrespective of this, the complaints review process will enable customers to raise any issues they have in respect of their treatment in GRG during the period 2008-2013. Moreover, we believe changes we have already made address the vast majority of the concerns raised by Promontory.

D) What is your response to the findings in relation to the widespread inappropriate treatment of customers? 

We accept many of Promontory’s findings but there are a number of aspects where we have a different view. We have given a comprehensive response to the FCA in relation to the Promontory report and it would not be appropriate to comment further whilst the FCA review is ongoing. Irrespective of this, the new complaints process will enable customers to raise any issues they have in respect of their treatment in GRG during the period between 2008-2013.

E) Does the FCA agree these steps answer fully the failings identified? 

These actions have been developed with the involvement of the FCA who agree they are appropriate steps for the bank to take.

F) Why haven’t the FCA announced the conclusions of their review? 

The FCA shared details of next steps in their update:“The FCA is carefully considering the Report and other additional material. The activities carried out by GRG and addressed by RBS’s proposals are largely unregulated; therefore, the FCA’s powers are limited in this area.The FCA is currently assessing what further work may be needed given the findings in the Report. The FCA will provide a further update on this matter when it is in a position to do so.The FCA recognises the considerable interest in these issues and will publish a full account of its findings when practicable once our work is concluded.”The FCA update is available in full on their website:https://www.fca.org.uk/news/press-releases/review-royal-bank-scotland-treatment-customers-referred-global-restructuring-group

G) Do I need to wait for the FCA review to be completed? 

No. These actions have been developed with the involvement of the FCA who agree they are appropriate steps for the bank to take.

Download ‘RBS GRG Complaint form’ (specialist GRG solicitors can assist) [PDF 96KB] 

Download ‘RBS Restructuring Explained’ (formerly GRG) [PDF 47KB] 

LIMITATION WARNING: Businesses that were or are affected by the restructuring or turnaround divisions of the major banks must urgently take legal advice on their specific cases. If you fail to do so your legal rights will become time-barred by virtue of the Limitation Act 1980, resulting in the complete loss of your right to compensation via legal channels. Legal rights can be reserved by instructing solicitors to agree a carefully negotiated standstill agreement or by issuing protective legal proceedings.

Businesses affected and entitled to redress should take urgent legal advice from a specialist solicitor experienced in bringing legal actions against RBS GRG.