Tag: Financial Services

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Financial Ombudsman increases award limit to £350,000

From 1 April 2019, the Financial Ombudsman Service (FOS) can make awards against regulated firms of up to £350,000, which represents an increase of 133%. The following award…

GRG Complaints Process Outcomes: What next?

In October 2018, the complaints process closed to individuals with claims against the Royal Bank of Scotland’s notorious Global Restructuring Group. Individuals and SMEs are now starting to receive updates on their complaints with some receiving outcome letters. Your complaint to GRG The complaints process is a…

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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…

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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Court of Appeal hands down judgment in Property Alliance Group (PAG) v RBS (2 March 2018)

The Court of Appeal has today (2 March 2018) handed down judgment in the highly anticipated appeal in Property Alliance Group Limited v The Royal Bank of Scotland…

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Letter from the FCA to the Treasury Select Committee detailing FCA powers and regulatory perimeter (30 January 2018)

The Treasury Select Committee has published a Letter from the Chief Executive of the FCA relating to the powers and perimeter of the FCA, dated 30 January. The letter provides a…

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HM Parliament Condemns RBS GRG’s Parasitic Treatment of SMEs

On 18 January 2018, a Parliamentary backbench motion on RBS’s Global Restructuring Group’s (GRG) systemic failure to protect SMEs has received unanimous Ministerial support in condemning the bank’s parasitic…

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

In Abdullah and others v Credit Suisse (UK) Limited and Credit Suisse Securities (Europe) Limited [2017] EWHC 3016 (Comm), the High Court has given judgment in favour of private…

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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

In a letter to Treasury Select Committee chair Nicky Morgan MP, Ross McEwan, Chief Executive of the Royal Bank of Scotland Group, speaking about the GRG report, acknowledges…