Press/Media

A good day to bury bad news – RBS launches 'compensation scheme' for GRG customers

Scottish Legal News

21 November 2016

In a perfect illustration of the maxim “pick a good day to bury bad news”, on the day of the US Presidential Election, RBS issued a press release announcing a new complaints process, to be overseen by an independent third party in the form of a of a retired High Court judge, Sir William Blackburne, and an automatic refund of certain fees paid by SME customers in the bank’s Global Restructuring Group (“GRG”) between 2008 and 2013....

RBS 'misled' judge overseeing £400m compensation scheme

The Week

14 November 2016

Royal Bank of Scotland (RBS) and the City regulator are facing fresh criticism over a £400m compensation scheme for small business customers mistreated by its restructuring division.

Vindicated but still victimised, businesses attack ‘flawed’ report

The Times

14 November 2016

Not everyone spent last Tuesday glued to the presidential election in the United States. For thousands of companies who were mistreated by Royal Bank of Scotland’s restructuring division, the day will be remembered as one that brought vindication.

RBS judge was misled by bank

The Times

14 November 2016

The former high court judge who will oversee RBS’s compensation scheme for thousands of companies mistreated by its restructuring unit was misled by the bank in a court case over a business dispute.

RBS set for lawsuit following FCA investigation

ITV News

8 November 2016

Ever since Ross McEwan took over as chief executive of Royal Bank of Scotland (RBS) in 2013, he's had to contend with persistent allegations that from 2008 to 2013 the bank systematically defrauded thousands of its small business customers.

RBS facing £400m bill to compensate small business customers

The Guardian

8 November 2016

Royal Bank of Scotland has apologised to small business customers as it revealed a £400m bill to compensate them for poor treatment in the wake of the banking crisis.

Statement on the Financial Conduct Authority's review of Royal Bank of Scotland’s treatment of customers referred to its Global Restructuring Group

Financial Conduct Authority

8 November 2016

The statement addresses the announcement made by RBS today regarding customers transferred to its Global Restructuring Group (GRG), gives a summary of the findings of the report by Promontory Financial Group (Promontory) and sets out the next steps which the FCA will take.

RBS small business allegation not backed by report

Financial Times

30 October 2016

A long-awaited report into a unit of Royal Bank of Scotland has found no firm evidence that it deliberately pushed small businesses into bankruptcy for its own profit.

RBS 'Dash for Cash' scandal: 500 firms suing bank turn anger on regulator

Herald Scotland

16 October 2016

A GROUP of almost 500 businesses suing the Royal Bank of Scotland for allegedly destroying their firms and seizing their assets is threatening legal action against the Financial Conduct Authority if it does not immediately publish its long-awaited report into the scandal.

Hamilton rejects probe into Ulster Bank and RBS 'dash for cash' claims

Belfast Telegraph

14 October 2016

The Economy Minister has said he is 'deeply disappointed' about allegations that Ulster Bank and parent firm RBS secretly tried to profit from struggling businesses.

They took everything away apart from my entrepreneurial talent

Eastern Daily Press

14 October 2016

Andrew Gibbs blames the Royal Bank of Scotland (RBS) for the collapse of his successful creative industries firm which helped revamp King Street in the city in the mid 2000s from a red-light district to a cultural quarter.

RBS, taxpayer-funded bank in asset-stripping scandal!

Talk2MeRadio - Jon Gaunt (Audio Link)

12 October 2016

RBS has been asset-stripping good businesses, putting them to the wall and taking advantage of their situation......

The Dash For Cash: Leaked Files Reveal RBS Systematically Crushed British Businesses For Profit

Buzzfeed News

10 October 2016

The Royal Bank of Scotland killed or crippled thousands of businesses during the recession as a result of a deliberate plan to add billions of pounds to its balance sheet, according to a leaked cache of thousands of secret documents......

FCA receives report into claims of malpractice at RBS Global Restructuring Group

Express and Star

5 October 2016

The Financial Conduct Authority (FCA) said it has received a report investigating allegations of malpractice at Royal Bank of Scotland's (RBS) Global Restructuring Group (GRG).....

Companies hurt by RBS pursue the regulator

The Times

12 September 2016

Hundreds of businesses are threatening the City regulator with legal action because of delays to a long-awaited report into the activities of Royal Bank of Scotland’s restructuring unit.

You’ll get a report but when? - just where is the Section 166 report?

Lexology

22 July 2016

MP for Bassetlaw, John Mann MP, yesterday put questions to Andrew Bailey, CEO of the Financial Conduct Authority at the Treasury Select Committee on Wednesday 20th July 2016.....

Royal Bank of Scotland faces wider scandal over Libor rigging

Exaronews.com

23 May 2016

Royal Bank of Scotland faces wider scandal over Libor rigging.

 

Former head of Project Rosetta to review GRG claims

Seneca Banking Consultants

9 May 2016

As the Financial Conduct Authority’s report into RBS’s Global Restructuring Group (GRG) nears completion, RBS has appointed a familiar face to head up their response.

RBS faces £400m claim it bullied and ripped off property company

The Telegraph Business

7 May 2016

Royal Bank of Scotland has been accused of misleading a property tycoon into taking out an interest rate swap which allegedly forced his firm into financial distress, then “bullying” him when he questioned the bank’s actions.

RBS share price: FCA in final stages of report on bank's business clients

Invezz

27 April 2016

The Financial Conduct Authority (FCA) is in the final stages of completion of its keenly-awaited review of alleged mistreatment of business customers by Royal Bank of Scotland Group (LON:RBS), Reuters has reported. The news comes ahead of RBS' first-quarter results later this week.

Couple fight off bank attempt to block big compensation claim.

Midlands News Express and Star

25 April 2016

A businessman and his wife have a fought off a bank's bid to block key elements of their multi-million pound compensation claim over the alleged mis-selling of a complicated interest rate swap.

Royal Bank of Scotland faces call to compensate GRG victims

Exaronews

19 April 2016

Bosses at the Royal Bank of Scotland face pressure to set up a compensation scheme after its restructuring unit fleeced assets from “distressed” businesses.

Angel Group - Conflict liquidators appointed to investigate conspiracy claims against bank

Lexology

16 February 2016

Conflict liquidators have been appointed by the High Court to a group of companies to investigate claims by the director that the companies’ bank had artificially distressed the companies and driven them into administration.

Exclusive: Whistleblowers betrayed by FCA

The Times

25 January 2016

The Financial Conduct Authority has been accused of betraying the confidence of whistleblowers by passing on evidence and sensitive information to the high street banks that were the subject of their complaints.

RBS share price: MPs urge government to suspend sell-off

Invezz

6 November 2015

MPs have urged the government to suspend further sales of shares in Royal Bank of Scotland Group (LON:RBS), and instead to consider breaking up the bailed-out lender. The comments come about three months after the Treasury started offloading its near 80-percent holding in the bank.

Special Report - Why RBS may pay small firms it allegedly ruined

Reuters

23 September 2015

One morning in May, the chief executive of Royal Bank of Scotland, one of Britain's biggest banks, called together his senior executives for an urgent briefing. Ross McEwan had just attended a meeting with officials at the financial regulator and had important news.

Pressure grows on RBS as victims of restructuring scandal cry foul at "conflicted" advisors

Herald Scotland

30 August 2015

A former Aberdeen oil firm owner who accuses RBS of "stitching up” his business has criticised the bank for appointing the accountancy firm that handled his firm's administration to review alleged wrongdoing by RBS's global restructuring group (GRG).

RBS faces conflict of interest accusation

The Sunday Times

16 August 2015

Advisers that have acted for the bank in bankruptcy cases now being investigated.

Lawyers step into RBS restructuring row

The Times

10 August 2015

Royal Bank of Scotland has hired PwC alongside two law firms to lead a fresh investigation into whether its restructuring division forced viable businesses to fail.

RBS hires advisers to look at treatment of small businesses

Reuters

22 July 2015

Royal Bank of Scotland (RBS.L) has appointed external advisers to launch a fresh investigation into its treatment of small business customers, sources familiar with the matter said.

RBS to launch new probe into treatment of small businesses

The Telegraph

22 July 2015

Royal Bank of Scotland has appointed external advisers to launch a fresh investigation into its treatment of small business customers.

Belfast businessman wins access to funds in fight against US fund

The Irish Times

3 July 2015

Belfast businessman wins access to funds in fight against US fund.

Action group secures US funding to sue RBS for £600m

The Sunday Times

31 May 2015

A group of businesses that claim to have been pushed to the brink of collapse by Royal Bank of Scotlans's controversial Global Restructuring Group (GRG) has moved a step closer to seeing directors of the unit in court.

Tyrie demands Commons recall for RBS in ‘asset-stripping’ row

The Times

6 May 2015

Royal Bank of Scotland must explain to MPs whether it misled them over the activities of its global restructuring group, Andrew Tyrie said yesterday.

‘Vampire division preyed on clients’ it was meant to save

The Times

5 May 2015

RBS’s restructuring group, which is being investigated by the FCA, earnt a reputation for breaking firms to boost its capital position.

‘In my worst nightmares I never thought that the bank would do this to me’

The Times

5 May 2015

Surinder Hullait, a Birmingham entrepreneur who developed commercial properties, says that a race to shore up an ailing balance sheet chimes with his experience of GRG.

RBS ‘stripped assets’ of struggling firms

The Times

5 May 2015

Royal Bank of Scotland was under pressure to strip companies of their assets to improve its balance sheet, The Times can reveal.

RBS share price: Lender ‘stripped assets’ of troubled businesses

Invezz

5 May 2015

Royal Bank of Scotland Group Plc (LON:RBS) was pressured to strip companies of their assets to improve its balance sheet, The Times has revealed.

Small firms unite to wage war on RBS

The Times

2 March 2015

More than 250 companies claiming to have been damaged or destroyed by Royal Bank of Scotland’s “turnaround” division have clubbed together to sue the state-owned lender.

Small businesses gear up RBS legal action

The Financial Times

2 March 2015

The RBS-GRG Business Action Group is planning an "unlawful means conspiracy action" case against the bank and four individuals who held senior

Aggrieved customers turn up the heat on RBS

The Times

28 October 2014

Quinn Emanuel, an American law firm, has written to RBS highlighting concerns that a decision to close the global restructuring group (GRG) could lead to key evidence being lost.

US law firm takes on group action case

Sunday Herald

12 October 2014

Several hundred businesses that claim to have suffered at the hands of Royal Bank of Scotland's "turnaround" division have appointed US law firm Quinn Emanuel Urquhart & Sullivan to represent them in a planned case against the bank.

Peter Bill on property: Recyclers suing RBS over 'bad behaviour'

Evening Standard

11 Sep 2014

London's leading recycling company Bywaters is to sue RBS for £10 ... RBS had unfairly profited? from companies placed into the GRG fold.

RBS May Have Saved Rogue Bankers From Jail With 'Whitewash' Report

Huffington Post UK

‎Aug 27, 2014‎

The Royal Bank of Scotland may have saved some of its rogue bankers from jail by commissioning a report, widely condemned as a "whitewash", clearing its controversial GRG business recovery unit of systematically defrauding small firms. The Serious ...

Blackfriar: RBS bosses must finally get a grip

Yorkshire Post

Aug 27, 2014‎

Last year, Mr Tomlinson claimed that RBS had engineered businesses into default to move them into its Global Restructuring Group (GRG). The GRG unit is meant to help RBS's corporate clients who find themselves in financial distress to return to health.

Papering over the cracks

Herald Scotland

16 Aug 2014

The Royal Bank of Scotland has told staff that its Global Restructuring Group (GRG), which stands accused of destroying viable UK businesses ...

RBS Disbands Restructuring Group Amid Probe - WSJ

online.wsj.com/.../rbs-to-disband-global-restructuring-group-1407494107

8 Aug 2014

Royal Bank of Scotland Group is disbanding its controversial Global Restructuring Group and the unit's head is set to leave the lender, ...

RBS begins to dismantle controversial restructuring division ...

www.theguardian.com > Business > Royal Bank of Scotland

8 Aug 2014

Derek Sach, head of Royal Bank of Scotland's global restructuring group, will leave in 2015.

Royal Bank of Scotland winds down restructuring unit - FT.com

www.ft.com > Companies > Financials

8 Aug 2014

Royal Bank of Scotland is winding down its controversial Global Restructuring Group, which is being investigated over allegations that it ...

RBS to close controversial restructuring unit - Telegraph

www.telegraph.co.uk > Finance > News by Sector > Banks and Finance

8 Aug 2014

Bank's Global Restructuring Group subsumed into lender with two ...RBS computer failure 'caused by inexperienced operative in India'.

RBS Winds Down Controversial GRG Business Support Unit

www.huffingtonpost.co.uk/.../rbs-ends-controversial-grg-bank-unit_n_5...

8 Aug 2014

Royal Bank of Scotland is shutting down its controversial Global Restructuring Group (GRG), after suffering a maelstrom of controversy over the ...

Treasury Committee: Tyrie comments on RBS GRG reported ...

www.politicshome.com > News Front Page > Press Releases

8 Aug 2014

Commenting on today's reported changes to RBS's GRG division, Andrew ... "The important issue here is whether RBS is now-and is seen to ...

RBS axes troubled recovery division: Controversial GRG ...

www.thisismoney.co.uk/.../RBS-axes-troubled-recovery-division-Controver...

8 Aug 2014

Royal Bank of Scotland is to shut down its controversial GRG division, which is being probed by regulators over allegations that it profited from .

RBS to pay £17m bonus to controversial GRG unit | News ...

www.moneymarketing.co.uk/news-and.../rbs-to...grg.../2012773.article

28 Jul 2014

The Sunday Times reports it has seen documents which show RBS has approved bonuses for GRG based on 2013 performance, despite ...

"Wilfully obtuse" RBS bosses accused of misleading MPs ...

www.cityam.com/1406076392/rbs-accused-misleading-mps

23 Jul 2014

RBS executives deliberately misled an influential committee of MPs in a ... that RBS's global restructuring group (GRG) was profiting from small ...

Tyrie v RBS: profit centre or "profit centre"? - FTAdviser.com

www.ftadviser.com > Your Industry > Companies & People

22 Jul 2014

RBS executives clashed with MPs last month in over whether the business, known as "GRG," was improperly incentivised to maximise its ...

Whistleblower: how RBS 'deliberately destroyed' firms ...

www.channel4.com/news/rbs-whistleblower-grg-business-destroy-video

11 Feb 2014

Staff inside RBS's global restructuring group, GRG, used "immoral, survivalist tactics" to destroy a number of businesses "that didn't need ...

Morning papers: RBS division faces 1,000 complaints ...

www.ftadviser.com > Investments > Economic Indicators

30 Jan 2014

Government adviser Lawrence Tomlinson has told MPs his dossier of ... At the time of the report, which claimed RBS was "killing off" small ...

RBS's reputation will struggle if it doesn't close GRG ...

www.standard.co.uk/.../rbss-reputation-will-struggle-if-it-doesnt-close-gr...

29 Jan 2014

RBS: 'Some wonder whether a bank should have such an entrepreneurial business as GRG within its ranks at all'. Anthony Hilton. Published: ...

'Vampire' bank RBS accused of ruining businesses and lives

www.businesszone.co.uk/topic/finances/rbs-accused-ruining.../55582

29 Jan 2014

Tomlinson said the majority of the 23 cases of alleged bad practice by UK banks related to RBS' Global Restructuring Group (GRG), which, ...

Update on independent review of Royal Bank of Scotland's ...

www.fca.org.uk/.../update-on-independent-review-of-rbs-treatment-of-b

Resources

Letter from the Treasury Committee Chair to Andrew Bailey FCA

Global Restructuring Group (GRG) - Complaints Review Process and Redress

For over three years, the Treasury Committ~e has been pressing for reasonable treatment for the many businesses that have been at the wrong end of RBS' Global Restructuring Group's bad practice. It is a step forward that, in the light of the FCA's mishandling of the IRHP redress scheme, the arrangements for redress announced by RBS on 8 November will be handled independently, by a recently retired high court judge.

Shredded: Inside RBS the bank that broke Britain.

The book, written by Ian Fraser, is a product of one-to-one interviews with hundreds of current and former employees and related companies and provides a definitive account of the failings of RBS and also deals extensively with the activities of GRG.

Lawrence Tomlinson Report