Tag: Derivatives

Wyatt Paul v HMRC: Permission Needed to Raise New Points During an Appeal

The recent case of Wyatt Paul v HMRC [2022] UKUT 116 (TCC) confirmed: permission by a party must be sought from the Upper Tribunal (UT) to argue a…

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LEXLAW Raises Concerns with the FCA on its Implementation and Oversight of the IRHP Review & Redress Scheme

In June 2019, the FCA appointed Mr John Swift QC as an independent reviewer for the lessons learned review commissioned by the FCA’s board. The review of the…

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APPG on Fair Business Banking: Improve SMEs access to justice and establish a Financial Services Tribunal

The APPG on Fair Business Banking launched their highly anticipated dispute resolution report on 11 July 2018. The report, authored by Kevin Hollinrake MP and undertaken by the Centre…

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LEXLAW Submits Evidence to the Treasury Committee’s SME Finance Inquiry

We have today submitted evidence on the ineffectiveness of existing arrangements for dispute arbitration and settlement between SMEs and banks to the Treasury Committee‘s SME Finance Inquiry.  Re:…

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RBS to Expand GRG Redress Scheme: Independent Oversight for Consequential Loss Compensation Appeals Process

RBS says it will expand its redress scheme to include appeals with independent third- party oversight for consequential losses suffered due to misconduct by its Global Restructuring Group (GRG).

LIBOR, FX and Key Benchmark Rigging Claims against RBS, Barclays, HSBC & Lloyds set to Strengthen for Customers Mis-sold Derivatives

The door has been opened by the Court of Appeal in PAG v RBS [2018] for misrepresentation claims to be brought by a counter-party to a derivative which…

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Property Alliance Group v RBS [2018]: Court of Appeal Opens the Door for Implied Misrepresentation Claims against Banks Mis-selling LIBOR-linked Derivatives

The Court of Appeal (Sir Terence Etherton MR, Longmore LJ and Newey LJ) handed down judgment in the highly anticipated appeal from Asplin J’s decision in Property Alliance…

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HM Parliament Condemns RBS GRG’s Parasitic Treatment of SMEs

UK Parliament unanimously condemned RBS’s Global Restructuring Group (GRG) for its systemic mistreatment of SMEs, describing it as a parasitic unit engaged in asset stripping and aggressive litigation tactics. MPs highlighted GRG’s role in artificially distressing viable businesses, undervaluing assets, and employing harsh recovery strategies during 2008-2013, leading to widespread financial harm. The FCA’s delayed and redacted report faced heavy criticism, with calls for transparent accountability, a Financial Services Tribunal, whistleblower protections, and full release of investigations.

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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.

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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.