Tag: Banks

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

Neutral Citation Number: [2014] EWHC 3043 (Ch) Case No: HC13B02029 IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION Rolls Building, Royal Courts of Justice 7 Rolls Buildings, Fetter Lane…

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Fixed Rate Tailored Business Loan Mis-selling: Clydesdale & Yorkshire Bank’s Internal TBL Review

Clydesdale and Yorkshire Banks have now begun a review of past sales of fixed rate loans often sold as Tailored Business Loans (TBLs). These are Fixed Rate Loan wrapper products with embedded derivatives.

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

HMRC has distributed 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)

RBS’ bad bank (Royal Bank of Scotland Capital Resolution – RCR) has been set up to take over RBS’ bad loans (those with significant non-performing assets).  When transferring…

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Barclays’ attempt to strike-out swaps mis-selling claim (on limitation defence) dismissed by High Court

The High Court (Queen’s Bench Division) has recently dismissed an attempt by Barclays Bank to strike-out an interest rate hedging product (IRHP) mis-selling claim for being issued more…

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RBS & Clifford Chance Report on GRG Branded ‘Whitewash’

The Royal Bank of Scotland has today published Clifford Chance’s review of the central allegation made against the bank in the damning Tomlinson Report written by Dr Tomlinson, commissioned…

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

In an exclusive interview with Channel 4, a former Relationship Manager at the Royal Bank of Scotland’s ‘business support’ unit Global Restructuring Group (GRG) has revealed how RBS…

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FCA to Review RBS GRG Allegations

Following the publication of the government commissioned Tomlinson Report by Lawrence Tomlinson, the Financial Conduct Authority (“FCA”) have ordered a formal investigation into allegations that RBS systematically defrauded…

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RBS Commissioned Report Criticises Treatment of SME’s in Global Restructuring Group (GRG)

Following the publication of the Tomlinson Report into the Royal Bank of Scotland’s treatment of SME’s, another report by Sir Andrew Large has called for an urgent review…

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Tomlinson Report Accuses RBS & Lloyds Bank of ‘Unscrupulous Practices’

Entrepreneur in residence at the BIS, Dr Lawrence Tomlinson, has today published an explosive report which accuses many of Britain’s banks of ‘heavy handed profiteering and abhorrent behaviour.’…