Tag: FCA

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.

Litigation Solicitors London

GRG WestRegister took 80% Equity in Bowlplex – Cost Owners £50m; while RBS Profited £9m

RBS’s Global Restructuring Group (GRG) has faced allegations of destroying small businesses. LexLaw has sued RBS on behalf of many businesses including Bowlplex, a family-owned bowling business, claiming excessive fees, increased interest rates, and forced equity transfer. Despite a viable business, Bowlplex was transferred to GRG and ultimately sold on by RBS for a £9m profit and a £50m loss for the owners.

Consumer Rights Act / Unfair terms / Contractual relationships / Expert Legal Advice / Litigation Lawyers / Barristers

Court of Appeal grant permission to appeal based on LIBOR and Negligent IRHP Review arguments

The Court of Appeal has allowed WW Property Investments Ltd to appeal against NatWest over mis-sold interest rate derivatives and the negligent conduct of the IRHP review. This landmark decision challenges banks’ redress offers and recognition of consequential losses, encouraging affected customers and SME victims to seek legal advice for potential claims. The ruling could impact limitation periods and existing non-advisory defenses employed by banks, with major implications for financial services litigation and previous IRHP Review outcomes.

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Flaws in RBS ‘New Complaints Process’ and ‘Complex Fee Refund’ – RBS GRG West Register compensation scheme examined

RBS announces a New Complaints Process and Complex Fee Refunds for SMEs in their GRG division between 2008 to 2013. This process has serious flaws.

RBS announce GRG Compensation Redress Review Scheme Complaint FCA LEXLAW Solicitors Global Restructuring Group Royal Bank of Scotland

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

RBS, with FCA agreement, has introduced a new complaints process for SME customers transferred to its Global Restructuring Group (GRG) between 2008 and 2013, overseen by independent third party Sir William Blackburne. The bank also announced automatic refunds of complex fees charged to these customers, aiming to address past failings in communication, complaint handling, and service. SMEs are urged to seek urgent legal advice to protect rights from limitation.

RBS GRG Review Litigation Lawyers London UK Review

FCA Statement on the FCA’s review of Royal Bank of Scotland’s treatment of customers referred to its Global Restructuring Group

The FCA’s review of RBS’s Global Restructuring Group (GRG) found no widespread evidence that RBS deliberately engineered transfers of viable businesses to GRG or acted as a “shadow director.” However, the review revealed systemic failings including poor communication, inadequate turnaround support, undue focus on pricing and debt reduction, poor valuations, conflicts of interest linked to West Register, and unfair complaint handling. Over a third of SMEs transferred to GRG faced insolvency regardless, but many also suffered inappropriate treatment.

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Litigation: What is Unlawful Means Conspiracy?

Unlawful means conspiracy is a civil tort where two or more individuals collude to harm another using illegal methods. Victims of such misconduct may find this tort useful in seeking compensation for acts that might not be actionable independently. By understanding unlawful means conspiracy, individuals can assess their legal options and protect their rights against potential wrongdoing.

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The Times: FCA ‘will not rush’ after receiving delayed RBS GRG report

The FCA has stated it will not rush the delayed report on RBS’s Global Restructuring Group (GRG) due to the complexity and importance of the investigation. The report, highly awaited following allegations of misconduct by GRG, aims to thoroughly assess RBS’s treatment of SMEs and the bank’s recovery practices.

rbs grg claim solicitors financial mis selling irhps

The Times: Firms seek payout for ‘mistreatment’ by NatWest & RBS GRG division (GRG Review Scheme)

SMEs who claim they were mistreated by Royal Bank of Scotland’s turnaround division, GRG, await to see if the City regulator will set up an FCA-agreed GRG compensation scheme.

Barclays Litigation LAwyers bank

The Sunday Times: Barclays sued for £4m by GPs for derivatives mis-selling

Our litigation against Barclays involved a claim for approximately £4 million relates to the mis-selling of derivatives, specifically interest rate swaps (IRHPs). The case addressed allegations that Barclays sold complex, high-risk products to clients without proper disclosure or adherence to regulatory requirements.