Tag: GRG

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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

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.

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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…

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.

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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.

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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.

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The Lawyer: Dentons and RBS accused of non-disclosure of GRG files in High Court claim

Dentons and RBS face High Court allegations of deliberate non-disclosure of critical documents related to the controversial Global Restructuring Group (GRG), disrupting fair trial processes. This follows leaked “Dash for Cash” documents exposing RBS’s serious breaches of disclosure duties in Wall v RBS litigation, where RBS allegedly forced Opal Property Group into financial distress. Previous cases have also highlighted RBS’s poor disclosure practices and lack of candour, raising ongoing concerns about RBS’s litigation culture and compliance with court orders.

RBS Natwest bank litigation Lawyers uk

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.

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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.