Author: LEXLAW Solicitors & Barristers

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Treasury Committee reports on Conduct in SME lending (FCA IRHP Mis-selling Review, TBLs, Hidden Swaps and GRG)

The Treasury Committee report criticises conduct in SME lending, focusing on four key areas: FCA’s IRHP mis-selling review, Tailored Business Loans (TBLs), hidden swaps embedded in loans, and RBS’s Global Restructuring Group (GRG). The report finds systemic failings, lack of transparency, and inadequate customer protections. It calls for stronger regulatory oversight, better redress schemes, and reforms to prevent banks exploiting SMEs through complex financial products and aggressive recovery tactics.

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Barrier to justice raised as court fees rise by 600%

The Civil and Family Proceedings (Amendment) Fees Order has been approved in the House of Lords. This massively increases the court issue fee to £10,000 from £1,920 (raised last year from £1,670).

FCA IRHP Review - KPMG whistleblower: RBS fought to reduce size of interest rate swap redress

FCA IRHP Review – KPMG whistleblower: RBS fought to reduce size of interest rate swap redress

A KPMG whistleblower revealed that RBS pressured the FCA Interest Rate Hedging Product (IRHP) redress scheme to reduce compensation payouts, often challenging claims over £750,000. RBS preferred offering alternative products rather than cash refunds and frequently argued sales were compliant to avoid redress. The FCA’s review was criticised for lacking independence, allowing banks to self-assess wrongdoing, causing unfair delays and rejections of consequential loss claims. Many SMEs have been short-changed due to these flaws, highlighting the need for urgent legal advice and challenge of unfair redress offers.

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Swaps Mis-selling: Judgment in Crestsign Ltd v NatWest & RBS

The High Court judgment in Crestsign Ltd v NatWest & RBS ( EWHC 3043) deals with swaps mis-selling claims by Crestsign Limited against the banks. The case examined whether the banks properly advised Crestsign on interest rate hedging products (swaps) and complied with regulatory obligations. The judgment addresses issues of mis-selling, suitability of advice, and breaches of conduct rules. It forms an important precedent in derivatives mis-selling litigation against major UK banks.

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HMRC Advice for the tax treatment of Interest Rate Hedging Products (IRHP Review) redress payments

HMRC has issued tax advice leaflets for banks to hand to customers receiving redress from mis-sold Interest Rate Hedging Products (IRHP), urging correct tax return reporting. Affected banks must review sales since 2001 under FCA supervision, leading to customer compensation. Redress payments, consisting of basic redress, 8% compensatory interest, and consequential losses, are generally taxable income or subject to capital gains tax. Individuals should account for tax deducted from interest. HMRC recommends consulting an accountant for complex scenarios.

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A Royal Bad Bank: RBS Capital Resolution (RCR)

The Royal Bank of Scotland’s “Bad Bank” known as Capital Resolution (RCR) manages GRG, IRHP, and West Register portfolios involving distressed SMEs and mis-sold interest rate hedging products. RCR’s role is to isolate risky and non-performing assets, including businesses pushed into distress by GRG to facilitate asset acquisition at discounted rates. The unit has been criticised for poor treatment of SMEs, lack of transparency, and aggressive recovery tactics.

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Challenging a Will in Probate on Grounds of Mental Capacity (Dementia)

In Catling v. Catling, the 2007 will of Mrs Catling was declared invalid due to her lack of mental capacity caused by dementia. The court found the 2007 will was a radical departure from her earlier wills and that she did not understand the changes. Medical evidence was pivotal highlighting necessity of mental capacity for a valid will, per Banks v Goodfellow (1870).

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RBS & Clifford Chance Report on GRG Branded ‘Whitewash’

RBS Clifford Chance report on swaps mis-selling is a “whitewash” attempt to downplay the bank’s wrongdoing and avoid accountability. The report is lacks independence and fails to address the full scale of RBS mis-selling. It has fueled calls for stronger action into bank misconduct.

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Probate Disputes: Rectification of Invalid Wills

The Supreme Court in Marley v Rawlings (2014) ruled that a wrongly executed will can be rectified under section 20 of the Administration of Justice Act 1982 to reflect the testator’s true intentions. Despite formal defects under section 9 of the Wills Act 1837, a “clerical error” like signing the wrong will does not prevent rectification. This decision supports prioritising the testator’s intent over strict formalities in probate disputes.

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Royal Bank of Scotland’s GRG Whistleblower Reveals All in Channel 4 Investigation

A former RBS GRG Bank Manager at revealed they deliberately destroyed viable businesses to save the bank during the credit crisis. GRG charged excessive fees, intercepted payments, and stripped firms of assets, which were then sold through another RBS unit, West Register. The investigation featured a couple forced into bankruptcy by unjust fees, highlighting GRG’s hostile tactics.