Category: Banking Law

GRG RBS WESTREGISTER

RBS’ GRG ‘Just Hit Budget’ Memo: ‘let customers hang themselves’

The leaked 2009 internal memo from RBS’s Global Restructuring Group (GRG), titled “Just Hit Budget!”, reveals aggressive tactics aimed at extracting maximum profit from struggling SME customers. The memo outlines a systematic approach to pressure businesses, including leveraging fees, forcing deal signings, and deliberately letting customers fail – referred to chillingly as “let customers hang themselves.” This memo exemplifies the toxic culture within GRG that led to severe financial distress for many SMEs.

cfd contracts for difference libor forex derivatives litigation solicitor lawyer barrister london city

FCA expresses “Serious Concerns” over Complex and Highly Risky Contracts For Difference (CFD) Products Mis-sold to Retail Investors

The FCA has issued a strong warning over widespread mis-selling of complex and risky Contracts for Difference (CFDs) to retail investors, finding poor target market definitions, inadequate due diligence, and weak conflict of interest management among providers. Many unsophisticated consumers suffer significant losses, with 76% losing money, including pension funds unknowingly invested in CFDs. The FCA’s crackdown includes tougher regulations and possible supervisory interventions to protect vulnerable investors. Consumers mis-sold CFDs can seek redress through complaints, the Financial Ombudsman, or legal claims.

rcj royal court justice lawyer london litigate cpr civil commercial financial litigation

Mis-selling of Unsuitable Financial Products: Credit Suisse Loses S138D FSMA Litigation Case

The High Court ruled in Abdullah v Credit Suisse that the bank mis-sold complex structured products to a conservative Kuwaiti family, breaching statutory duties under sections 138D and 150 of the Financial Services and Markets Act 2000. The court found Credit Suisse failed to assess the clients’ risk tolerance and provided misleading advice, resulting in a $30 million loss. Key defences by the bank, including claims of contributory negligence and financial suicide, were rejected. This landmark case clarifies banks’ obligations under FCA Conduct of Business rules on suitability and fair communication in sales of complex financial products, offering hope for mis-selling victims.

rbs grg ross mcewan swaps misselling claims litiggation solicitor in london lexlaw high court

Ross McEwan claims RBS “deeply regret the mistakes made in the past” yet fails to accept critical report’s findings in letter to Nicky Morgan MP

Ross McEwan, CEO of RBS, apologised for past mistakes with SME customers in the Global Restructuring Group (GRG) but rejected key critical findings from the FCA report. He acknowledged some failings like poor communication and complaint handling but denied systematic misconduct or direct causation of insolvency by RBS. McEwan highlighted major cultural and operational changes at RBS since and emphasized ongoing compensation and complaints processes agreed with the FCA. The FCA’s Andrew Bailey described RBS’s stance as “unfortunate,” with potential enforcement action underway.

RBS Natwest bank litigation Lawyers uk

Data Protection Act (DPA) Subject Access Request (SAR) to Obtain Personal Data Held by RBS GRG, Promontory, Mazars, the FCA and the BBC

In 2014, Promontory Financial Group and Mazars were appointed by the FCA to prepare an independent skilled persons report into RBS Global Restructuring Group’s conduct, which was produced…

lexlaw litigation solicitors barristers london no win no fee bank financial mis selling claims bbrs pag rbs case professional negligence mis selling disclosure application cpr pre action protocol settlement

The Lawyer: ‘Charity gains ground in RBS and NatWest mis-selling claim’

Our client, the charity Wenta has gained ground in its claim against NatWest/RBS over the mis-selling of a derivative (IRHP). Wenta alleges the banks breached contractual, tortious, statutory, and fiduciary duties, causing financial loss. The case involves disputes over suitability, disclosure, and a flawed and unfair review process by the banks. Disclosure battles have forced the banks to reveal key sales training manuals and review materials. Litigation continues with trial or secret settlement expected soon.

metro bank logo lexlaw litigation solicitors tax winding up bankruptcy professional negligence no win no fee solicitor barrister lawyer london

High Court Litigation – Metro Bank Plc

LEXLAW’s Financial Services Litigation team provides expert legal support for high-value claims and complaints against Metro Bank Plc. The team has experience in prominent High Court cases against Metro Bank and all other major UK banks. Clients can access specialist London-based solicitors and barristers to protect their rights and manage complex bank litigation efficiently.

RBS Natwest bank litigation Lawyers uk

Court of Appeal to consider permission to appeal in PAG v RBS

The Court of Appeal is set to consider whether to grant permission for Property Alliance Group Ltd (PAG) to appeal a High Court ruling that dismissed its claims against RBS. The case involves allegations of interest rate swap mis-selling, LIBOR manipulation, and mistreatment by RBS’s Global Restructuring Group (GRG). The High Court had found PAG to be a sophisticated client with financial expertise and ruled against claims based on lack of specific false statements and exclusion clauses. The appeal will test key issues in sales duties, advisory roles, and the impact of GRG’s conduct on businesses.

lexlaw litigation solicitors in london lawyers professional negligence

The Times: Lawyers launch petition for financial mis-selling tribunal

LEXLAW has launched an online petition urging the government to establish a Financial Services Tribunal to resolve disputes over financial product mis-selling. The petition highlights the limitations of costly court processes, the inadequate Financial Ombudsman Service, and the FCA’s lack of dispute resolution powers. The tribunal would provide fairness, judicial scrutiny, and deter misconduct by major banks and financial institutions. The campaign follows parliamentary support for a commercial financial dispute resolution platform and aims to give customers better protection and access to justice

Petition: Establish a Financial Services Tribunal to resolve customer disputes.

Petition for establishing a Financial Services Tribunal to resolve complex disputes between banks and customers. Courts are costly, the Financial Ombudsman Service is limited to low-value claims, and the FCA lacks dispute resolution powers. The Tribunal would provide judicial scrutiny, fairness, and public censure, helping SMEs and consumers secure justice and deter misconduct in the financial services industry. Supporters can register their backing on the UK Government site.