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legal50016 2016 scott co dispute resolution award winning law firm Law Society Winner 2016
legal50016 2016 scott co dispute resolution award winning law firm Law Society Winner 2016
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If you think your business may have suffered as a result of time spent in the RBS’s Global Restructuring Group (GRG), then contact us on 01312268200 or by email at grg@mbmcommercial.co.uk for your FREE initial consultation.

What are GRG claims?

Any claim that arises because your business suffered a loss as a direct result of spending time in the banks GRG department.

GRG was a department that was set up by the Royal Bank of Scotland to help struggling small business to find their feet again. However, a recent FCA review found, although the details have not yet been made public, that the department in some areas did the opposite. There were a number of areas of “inappropriate treatment” towards small businesses where the mistreatment could be considered widespread and “systemic.” This included among others things the failure to treat customers fairly, consider the long-term viability of the business, honour contractual promises, act in good faith towards the company, and failure to document or explain GRG fee charges.

Additionally, many customers were charged a number of “complex” fees. These included:

  • Management / Monitoring Fees: Fees charged to cover the increased costs incurred in relation to managing customers in restructuring situations.
  • Asset Sales Fee: Fee charged on the sale of an asset where the customer’s cash flow could not meet the increased margin required by the bank on an ongoing basis.
  • Exit Fee: Fee charged at the point of repayment.
  • Independent Business Review Fee: Fee charged for the carrying out of an independent business review by an accountant selected by the bank.
  • Mezzanine Fee: Fee charged to reflect mezzanine risk (i.e. the debt level above the bank’s standard senior debt appetite).
  • Ratchet Fee: Variable fee charged by the bank in relation to a repayment milestone.
  • Risk Fee: Fee charged said to reflect “an increased risk profile” – often charged following a technical event of default, such as breach of a loan to value covenant or failure to agree a formal renewal of expired contractual facilities. Risk fees were also charged, however, upon transfer to GRG.
  • Late Management Information (MI) Fee: Fee charged for the late submission of management / financial information by the customer.
  • Fees charged in relation to Property Participation Fee Agreements (PPFAs) and Equity Participation Agreements (EPAs) are also included in this review.

In response to the report, RBS has agreed to set up £400 million redress process that will include:

  • A new complaints review process
  • An automatic refund process for any complex fees charged to business while they were in GRG

If you would like to be the first in line to claim some of the £400 Million redresses, then contact us on 0808 223 0116 or by email at grg@mbmcommercial.co.uk for your FREE initial consultation. 

Why choose MBM Commercial?

MBM Commercial are market leaders in bringing claims against the banks. We are one of the only law firms in Scotland who act against the banks and are ranked in Chambers as a leading firm for Banking Litigation, described as “a lean team of highly adept litigators”. We have a proven track record when it comes to banking claims, most notably winning the Carlyle Supreme Court case against RBS, and have been litigating successfully against RBS since 2008. We have also been ranked in the Legal 500 who say: “MBM Commercial has ‘a strong reputation for taking on cases for the little guy’, bringing and defending actions against major banks and financial institutions”. Additionally, we were awarded the Litigation Team of the Year Award at the  2016 Scott & Co Legal Awards.

We have experience in representing bank customers in the Financial Conduct Authority’s review of the sale of interest rate hedging products, where we helped to secure over eight million pounds in compensation for our clients.

No Win No Fee

In addition, we will take on all suitable claims on an outlays only or no win no fee basis.

If you would like some more information on RBS's GRG, the FCA review or the complaints process, then please read some of our weekly published blog posts.

GRG Claims Lawyers Edinburgh, Scotland

If you think your business may have suffered as a result of time spent in the RBS’s Global Restructuring Group (GRG), then contact us on 01312268200 or by email at grg@mbmcommercial.co.uk for your FREE initial consultation.

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