GRG was, in the start at least, marketed as a specialist unit to assist businesses in financial difficulty, a so-called ‘turnaround’ or ‘hospital’ division of the Bank. In actual fact, GRG was a profit centre for the Bank. Through increases in interest rates, extortionate arrangement and participation fees and the sale of assets at an undervalue, GRG, or more particularly the Bank, was able to generate a revenue.
On the 17 January 2014 the FCA announced that it was conducting an independent investigation into RBS’s treatment of business customers in financial difficulty. On the 8 November 2016 the FCA announced on their website RBS's release of the summary findings of the S.166 Report. RBS announced steps to address certain SME customers who were referred to GRG between 2008 and 2013 through: (1) a new complaints review process; and (2) an automatic refund of complex fees charged to SME customers in GRG.
We are keen to hear from customers of GRG on a confidential and no obligation basis to discuss their case and to see how we can assist.