LEXLAW Solicitors & Barristers
The Business Banking Resolution Service (BBRS) is the latest independent organisation set up to offer alternative redress for businesses that have been victim to banking misconduct. On 1…
The Supreme Court (Lord Kitchin, Lady Hale, Lord Reed, Lord Hodge and Lady Black sitting) this week have handed down the highly anticipated judgment in Shanks v Unilever…
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…
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…
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…
The Times Brief reports that we have launched an online petition in an attempt to apply public pressure on banks to settle compensation claims for financial product mis-selling.…
Major banks and other financial services institutions are often in dispute with customers who deserve protection. Access to court is costly. The FOS ombudsman scheme is inadequate. The…
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.
RBS has agreed to a £1 million settlement with a businesswoman who accused the bank of mis-selling complex derivatives. The case highlights banks selling unsuitable financial products to businesses. RBS initially denied wrongdoing but eventually agreed to the settlement, which includes repayment of derivative payments, break costs, and suspended payments. The businesswoman’s business was negatively impacted by the mis-sold derivatives, and the case exposes flaws in the Financial Conduct Authority’s IRHP review scheme.
The Times reports that Wenta, a company that supports new businesses, is suing RBS and NatWest for mis-selling a complex financial product. The banks sat on Wenta’s board and encouraged the deal, despite it being a disastrous one that cost the company over £500,000.
Lexlaw, Wenta’s lawyers claim the banks misled the company about the risks involved and have been slow to resolve the dispute. While several other banks have settled similar cases, RBS and NatWest have resisted, forcing Wenta to take legal action. The case is currently undergoing mediation, and a settlement may be reached soon.