RBS Dodges A Bullet Despite £400 Payout To Small Business Customers. Pressure on Government to slash RBS payouts after global banking retreat on bonuses. Fill out our enquiry form below or call ☎ 02071830529 or email ✉ [email protected], © LEXLAW Limited 2020 | Registered with the Law Society of England & Wales | Authorised & Regulated by the Solicitors Regulation Authority | Legal Notices | Sitemap | Registered office: 4 Middle Temple Lane, The Middle Temple (Inn of Court), London EC4Y 9AA | ➤ Directions. "The discovery that almost all the senior management in the new unit previously worked at GRG raises concerns that there has merely been a rebranding exercise." What is the RBS Global Restructuring Group (GRG)? An Independent Third Party, retired High Court Judge, Sir William Blackburne, undertakes an assurance and appeal role as part of the process. By James Burton Banking Correspondent For The Daily Mail, Published: 19:21 EST, 7 November 2016 | Updated: 19:33 EST, 7 November 2016. Please note that wherever possible we will be sending all further correspondence by email instead of issuing letters by post. However, with Royal Bank of Scotland’s efforts to spin off a new high street By using this website, you agree to their use. 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. Between 2008 and 2013, the GRG at Natwest and RBS’s was established by the banks as a business support unit for businesses experiencing financial difficulties. The appointment of Spurin has brought severe criticism from many quarters such as the Bully-Banks and SME Alliance lobby groups given the clear redress avoidance strategies evident in the Spurin-controlled RBS swaps mis-selling review even though the FCA were supposed to be monitoring RBS conduct of the review scheme. Spurin describes himself on his LinkedIn profile as a ‘professional banker’ which he certainly is. The Royal Bank of Scotland is to pay £40m in compensation to 730,000 customers after it uncovered a group of rogue staff “skimming” cash on foreign money transfers over four years. The Financial Conduct Authority (FCA) then ordered an independent report, which is expected in the coming months. On the payouts, she added: "To provide confidence that fair and reasonable compensation is being provided, decisions on consequential loss must be subject to independent oversight. Last month, campaigners who formed the RBS GRG Action Group called on the bank to pay out at least £2bn to 50 affected businesses. The allegations have damaged the bank's reputation and hobbled its recovery after hundreds of small businesses said the GRG mistreated them or forced them out of business. But campaigners say that businesses that were declared bankrupt have not been able to seek compensation from the RBS schemes. If you need to contact the GRG Customer Helpdesk for assistance, please email us at the following address and we will endeavour to reply within our usual 48 hours: Email: GRGCustomerHelpdesk@rbs.co.uk. RBS has faced a stream of allegations since then, culminating in a damning report by Government-backed entrepreneur Lawrence Tomlinson. If the answer is yes, we would like to assist you to claim financial compensation. All GRG victims should note that that their legal rights will expire (to the satisfaction of RBS) unless legal action is taken to preserve these legal rights. ... Treasury to large compensation … Giving evidence to MPs on the Treasury select committee last month, Tracey McDermott, acting chief executive of the FCA, confirmed that the regulator was in “the latter stages” of its work. Farm Heroes Saga, the #4 Game on iTunes. RBS have set up an independent committee to assess the claims of those who were impacted by GRG. Mr Spurin was in charge of Project Rosetta until late last year. Enter your email to receive 'Litigation Matters' legal news. In addition to the £10m compensation for direct losses, RBS claims it has offered £115m in automatic refunds for fees charged by GRG. ROYAL Bank of Scotland has pledged to update the guidelines on who is eligible to make a claim to its Global Restructuring Group compensation scheme… ... Treasury to large compensation … Message for SG Group Claimants, 20 December 2017 Evidence has emerged of a government agency's role in the Royal Bank of Scotland's (RBS) controversial Global Restructuring Group (GRG). Banking campaigners last night welcomed the compensation programme – but warned that the bank must offer redress which is proportionate to the damage caused. The bank will today admit that mistakes were made by its infamous global restructuring group – an operation which was meant to be a crack rescue unit for struggling companies during the recession. RBS has left 34 of the 50 markets in which it used to have a presence, including India, China, Russia and Canada. Already, RBS and NatWest have instructed a large number of GRG solicitors to assist them as professional advisers in relation to the GRG Review: Clifford Chance solicitors, CMS Cameron McKenna solicitors, international firm 大成 Dentons solicitors and big four accountancy firm, PwC. In addition to the 10 million pounds compensation for direct losses, the bank said it has offered 115 million pounds in automatic refunds for fees charged by GRG. Cookie Policy: We use cookies. Hapless Tesco... Could banks now be forced to slash their rip-off overdraft... 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In the IRHP Review scheme, RBS told customers they did not need legal representation however they failed to inform customers that RBS was legally represented to the hilt not only with an army of in-house lawyers and external city lawyers but also with a team of ten lawyers hired to work directly within the Project Rosetta review itself. Royal Bank of Scotland is being ... (GRG). Hotel firms, a student accommodation company and a pharmacy chain were all allegedly pushed into administration by the bank. Harry Wilson, City Editor, May 2 2016, 1:01am, The Times. It is being delivered by a specialist team. Thousands of small-business owners are finally set to get compensation over claims their firms were destroyed by RBS. Also, Royal Bank of Scotland has … The appointment of Mr Spurin to the sensitive role could raise questions, given complaints about RBS’s handling of the previous scheme. General . Evidence has emerged of a government agency's role in the Royal Bank of Scotland's (RBS) controversial Global Restructuring Group (GRG). RBS declined to comment. It is predicted that the bank will seek to avoid and limit any compensation they are forced to pay to stakeholders of their former customers who suffered a loss at the hands of GRG and its associated Westregister companies. He served at Barclays for 31 years and is now a Managing Director of the Royal Bank of Scotland in charge of its derivatives mis-selling IRHP Review scheme for the last 4 years; a scheme in which the wrongdoing bank determined itself whether it did anything wrong and if so how much compensation to pay out. The GRG scandal involving the bank unravelled in 2013 when an investigation was launched by the Financial Conduct Authority into the RBS business support unit created in 2008 (following the release of a report by Dr Lawrence Tomlinson). Labour MP Wes Streeting, a member of the Treasury select committee, said: ‘This just serves to underline the importance of the FCA publishing its report. The bank has nonetheless been facing a string of lawsuits from bosses who believe they suffered unjustly. The FCA is looking at allegations that RBS sought to profit by putting viable companies out of business, as well as claims that customers were hit with charges that scuppered attempts to turn around their performance. Certainly Spurin and the RBS IRHP review team have a past record of reducing or eliminating the cost of redress by avoiding making compensation payments unless forced as commented on by Guto Bebb MP. We are disgusted by this proposal,” said David Stewart, of the RBS GRG Business Action Group, which has more than 500 members demanding £2bn in compensation. RBS shares opened down 0.7 per cent at 185p on Tuesday. ‘It’s in the interest of customers, the bank and everyone else that we get to grips with the extent of the problem and what appropriate action needs to be taken.’. RBS chief executive Ross McEwan has already admitted that the bank, which owns NatWest, made mistakes. NatWest and RBS’s Global Restructuring Group, was a business support unit (BSU) for troubled businesses set up in the early nineties by Derek Sach and was formerly known as Specialised Lending Services. If SMEs fail to take legal advice they may find their legal rights have expired by virtue of the Limitation Act. The Williams & Glynn branding by the door reveals an office that once played host to those busy planning for the future. Royal Bank of Scotland has put the manager responsible for a controversial mis-selling redress scheme in charge of a programme to look at victims of its global restructuring division. Site protected by Google reCAPTCHA whose Privacy Policy and Terms of Service apply. This follows the … The regulator will decide what action should be taken over the scandal. Although the GRG review scheme is now closed to new complaints those affected are still entitled to pursue complaints through the RBS’s internal complaint process. SRM customers were also included in the FCA’s official definition of GRG customers as recently as January 2016, just 10 months before RBS launched its voluntary compensation scheme. Leaked documents from 2008 described the restructuring work as a ‘dash for cash’ to help the bank’s ‘bottom line’. RBS have reportedly set aside £4 million to compensate the customers who suffered mistreatment whilst under the control of GRG. Not surprisingly the Bank found many ways to avoid redress and strong legal representation was necessary for customers to secure proper redress. By Simon Duke for MailOnline Updated: 08:58 EDT, 20 January 2010 The comments below have not been moderated. Rosetta has been criticised by victims and politicians for failing to properly compensate individuals and businesses who had their livelihoods destroyed by the mis-selling of complex interest rate derivatives. Winding-up Petition Hearing Representation, Tier 1 Entrepreneur Settlement & Extension Lawyers, Immigration: Deportation Orders & Removal Notices, BII claims: 10 reasons why we can obtain optimal compensation, Supreme Court judgment in BII test case: What this means for COVID-hit businesses, past record of reducing or eliminating the cost of redress, FCA is looking at allegations that RBS sought to profit, Specific legal advice about your circumstances should always be sought. Specific legal advice about your circumstances should always be sought. He pointed out that business groups had asked for the bank to pay out £2 billion in compensation. Need litigation advice? As the taxpayer-backed lender … An estimated £1 million of this may be needed to run the compensation scheme, leaving only £3 million in the compensation ‘pot.’ Harry Wilson, City Editor of the Times newspaper has today reported that Mark Spurin will take charge of the RBS GRG Review compensation scheme for ‘impacted SMEs’. Mark Spurin is the former head of Project Rosetta, which dealt with thousands of complaints and compensation claims from customers over the sale of interest rate hedging products. A copy of a report by Promontory and Mazars, the consultancies appointed to carry out the review into the global restructuring group, was handed to the Financial Conduct Authority last month. An Independent Third Party, retired High Court Judge, Sir William Blackburne, undertakes an assurance and appeal role as part of the process. The bank faced widespread criticism on the process of handing claims by the affected customers of its GRG division. Although the GRG review scheme is now closed to new complaints those affected are still entitled to pursue complaints through the RBS’s internal complaint process. In a letter to the RBS chief executive, Ross McEwan, Tyrie said campaigners had asked for the bank to pay out £2bn in compensation… The bank has been accused of trying to minimise the amount of compensation paid, according to whistleblowers who have worked on the programme, leading to fears that Mr Spurin’s involvement in any global restructuring group scheme could leave victims hoping for large remediation cheques unsatisfied. Our specialist banking lawyers accept instructions to manage both (i) the RBS GRG review scheme that the bank has ‘voluntarily’ agreed to conduct with the Financial Conduct Authority (FCA) and (ii) litigation in the High Court. ‘Rosetta head to lead RBS GRG compensation claims’ Harry Wilson, City Editor, May 2 2016, 1:01am, The Times. RBS faces call for FCA-agreed GRG Review compensation scheme, The Times: Queen’s award winner sues banks over mis-selling. The GRG complaints process is for SME customers that were in GRG during the period 2008-2013. Thousands of small-business owners are finally set to get compensation over claims their firms were destroyed by RBS. We are no longer accepting comments on this article. Following the credit crunch, GRG took control of 16,000 SME customers with £65 billion of assets via ‘Project Dash for Cash’. RBS have reportedly set aside £4 million to compensate the customers who suffered mistreatment whilst under the control of GRG. Small-business owners claim the bank deliberately drove their companies to the wall to seize their assets and shore up its ailing balance sheet. Lloyds HBOS compensation review scheme: What did HBOS do wrong? As the taxpayer-backed lender … Part of the Daily Mail, The Mail on Sunday & Metro Media Group, 'It's over, let's move on': Republicans blast Trump's second impeachment - after 45 GOP senators signal ex-president will be acquitted after voting the trial 'unconstitutional', Biden is 'actively looking' at making COVID testing mandatory for DOMESTIC air travel - despite fears it could deal a hammer blow to the already beleaguered airline industry, And you thought nose swabs were bad! A former chief executive of software firm Torex has filed a claim for £30million in damages, while campaigners in the RBS GRG Action Group have demanded at least £2billion for 50 businesses affected. The decision to offer compensation followed explosive allegations last month. RBS shares opened down 0.7 per cent at 185p on Tuesday. The taxpayer-backed lender will deny allegations it sought to profit from their suffering, but it will at last acknowledge that some company owners are entitled to a payout. A spokesman for RBS said: “We continue to work with the FCA on this review and will respond when the conclusions have been reached”. In addition to the £10m compensation for direct losses, RBS claims it has offered £115m in automatic refunds for fees charged by GRG. RBS announced last month that SME customers will automatically be entitled to a refund of the fees that they were charged whilst being managed by the Bank’s Global Restructuring Group (GRG) between 2008 and 2013 following a review by the FCA. Nearly all of the senior staff at Royal Bank of Scotland's new turnaround unit for small businesses also worked in the controversial division accused of widespread mistreatment of small SMEs and relevant stakeholders (eg Directors and shareholders) that have suffered because of RBS and NatWest’s GRG recovery practices should take urgent legal advice on the GRG Review scheme. In a letter to the RBS chief executive, Ross McEwan, Tyrie said campaigners had asked for the bank to pay out £2bn in compensation… Following allegations of misfeasance, GRG was reportedly disbanded in August 2014. RBS bosses said they had ‘seen nothing to support the allegation that the bank artificially distressed otherwise viable SME businesses or deliberately caused them to fail’. The Royal Bank of Scotland is to pay £40m in compensation to 730,000 customers after it uncovered a group of rogue staff “skimming” cash on foreign money transfers over four years. It could force the bank to pay hundreds of millions of pounds to businesses damaged by the turnaround unit. The GRG complaints process is for SME customers that were in GRG during the period 2008-2013. Need to re-think? Newsom lifts the stay at home order - after 20,000 died in three months and hospital system was left overwhelmed, Elon Musk's 'Gamestonk!!' None of Signature Litigation’s institutional or retail investor clients has yet received compensation, due to difficulties in the verification and settlement processes. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. It follows years of criticism which were first met with a staunch defence from the lender – even though as far back as 2009, City bankers were saying they would ‘take the keys’ of properties if they could not get their money back during the financial crisis. 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What is the RBS Global Restructuring Group (GRG)? More than two-thirds of its 225,000 staff have been let go. This proxy statement is being furnished in connection with the solicitation by the Board of Directors of HouseValues, Inc. (“HouseValues”) of proxies for use at the Annual Meeting of Shareholders to be held at HouseValues’ principal executive offices located at 11332 NE 122 nd Way, Kirkland, WA 98034 at 10:00 a.m. local … ... Royal Bank of Scotland has been in hot water with ... Cherry in the wake of RBS announcing its payout … An estimated £1 million of this may be needed to run the compensation scheme, leaving only £3 million in the compensation ‘pot.’ It is vital that those affected by GRG misconduct take urgent legal advice to ensure they get compensation. RBS allocates $500 million to repay SMEs allegedly mistreated by the bank's GRG. He is now leading an internal team in preparation for the findings of a review into the global restructuring group. The Financial Conduct Authority (FCA) has today published the final report on its investigation in to Royal Bank of Scotland’s (RBS) treatment of small and medium-sized enterprise (SME) customers transferred to its Global Restructuring Group (GRG). INFORMATION CONCERNING SOLICITATION AND VOTING . Compiled three years ago, the review claimed that executives at many companies were ‘forced to stand by and watch an otherwise successful business be sunk by the decisions of the bank’. Reports surface that Mark Spurin will take charge of the RBS GRG Review compensation scheme for ‘impacted SME’ victims. Between 2008 and 2013, the GRG at Natwest and RBS’s was established by the banks as a business support unit for businesses experiencing financial difficulties. Royal Bank of Scotland is being ... (GRG). It is being delivered by a specialist team. 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