Has your company suffered a financial loss after being transferred by The Royal Bank of Scotland (RBS) to the Global Restructuring Group (GRG)? If so, you may be entitled to financial compensation.
In a recent FCA report, “significant concerns” were identified about how SME customers were treated by RBS. The report has highlighted that RBS failed to support firms with good a turnaround practice, had placed undue focus on pricing increases and debt reduction without considering the long-term viability of customers and failed to identify customer complaints and handle complaints fairly.
Additionally, many SMEs were charged a number of “complex” fees, and were subjected to a wide range of treatments which placed the business with additional burdens rather than assistance. Examples of this were re-structures of finance and disposal of assets at prices which may have been at an undervalue to other companies associated with RBS.
What is GRG?
Natwest and RBS’s Global Restructuring Group, was a business support unit for financially troubled businesses.
Between 2008 and 2013 GRG was represented as the place where distressed businesses would be transferred in order to undergo additional scrutiny and support, with a view to returning the business to profitability and back to regular borrowing. In reality there appears to have been a culture of exploiting these vulnerable businesses for financial gain for RBS and many businesses were treated harshly with very little support. The vast majority of businesses which entered GRG never exited the division and ended up in insolvency.
RBS has set aside a compensation fund of £400 million to compensate SME customers and the recent FCA report estimates that some 16,000 SME’s could be entitled to financial compensation.
Our team of expert lawyers specialise in financial claims of this nature and are able to offer you and your business expert legal advice in relation to bringing a compensation claim against RBS.
How much will it cost?
We are able to offer you flexible funding arrangements, including “no win, no fee” agreements and will discuss the options available to you at the outset to ensure that you can make a fully informed decision.
In the first instance, we will undertake an initial discussion with you, free of charge, to allow us to consider whether we can assist you with your claim.
How can we help?
Seth Lovis & Co have a dedicated team of lawyers who focus solely on financial litigation matters. With significant experience across the team, we have the expertise to advise on a wide range of situations arising from the mis-selling of financial products and services. We work with barristers and experts who are at the top of their respective professions in order to ensure that our clients receive the best advice possible with a view to achieving their goals.
To discuss a new matter with us, please contact us on 0330 134 2582 or submit details of your matter using the online enquiry form to the right hand side of this page. Please also feel free to email us details of your matter and contact information to firstname.lastname@example.org.