Clifford Chance to avoid investigation by regulator

Clifford Chance to avoid investigation by regulator

Law firm Clifford Chance, who faced the threat of formal investigation from the Solicitors Regulation Authority (SRA) over its alleged failure to accurately reflect the conduct of the Royal Bank of Scotland’s (RBS) Global Restructuring Group (GRG) in an independent report, can now breathe a little easier.

Yesterday the SRA confirmed that based on an initial assessment no investigation would in fact be carried out.

In its statement, the SRA states that, “we have looked further into the details and have not found any evidence that suggests potential misconduct. We are not investigating and have closed the matter.”

This will no doubt concern many former customers of the Bank who believe that the report prepared by Clifford Chance effectively acted as a whitewash and in turn raises many questions in light of the later Promontory report commissioned by the Financial Conduct Authority which found a myriad of issues within GRG. Not least of those concerned individuals will be Mr Clive May, the man who originally referred the matter to the SRA.

In an exchange on Twitter between Mr May and journalist Ian Fraser, Mr May suggests that Clifford Chance decided that his accounts were not in fact managed by GRG and he was therefore not relevant to the scope of the investigation. Mr May points to files obtained from the FCA which demonstrate he was in fact transferred to the turnaround division in November of 2010.

If you have suffered losses whilst a customer of RBS we would urge you to get in touch. Seneca Banking Consultants are specialists in obtaining redress for clients who have been mistreated by the UK’s banks. Give us a call on 01204 322 805 or use our online contact form