We are keen to hear from individuals who have been affected by RBS and their management of certain distressed business.
The potential claims that we are concerned with arise out of actions taken by the bank to artificially distress businesses and, in particular, to move those businesses away from their regular relationship managers and into the management of GRG which deals specifically with the enforcement of loans and charges. 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. Unlike other law firms we are also able to offer flexible funding arrangements including damage based fee arrangements and third party funding.
How we can help?
We are happy to discuss your case with you, advise on the merits of your case and prepare your case for either court proceedings or the RBS review process. We also work closely with accountants and other experts in order to present your case as best we can. We are also mindful that businesses will be reluctant to, or may not be able to, fund litigation. We therefore work with a number of litigation funders in respect of third party litigation funding.
NB: Time is critical. Many business owners may find that too much time has elapsed for them to be able to commence court proceedings. We are therefore inviting anyone affected by GRG to contact us as soon as possible to discuss their case.