Leaked: Uncensored Promontory GRG Report

The unredacted report into Royal Bank of Scotland’s (RBS) Global Restructuring Group (GRG) was leaked on Monday 12th February 2018, exposing the mistreatment of small businesses on a substantial scale, after the FCA refused to release the report until after Maxwellisation.

The report was published on a website hosted in the Republic of Ireland after much pressure from the victims of the GRG scandal, and whistleblowers.

The 350-page report laid bare the extend of the scandal and the ‘inappropriate actions’ experienced by businesses transferred to the former turnaround unit of RBS – the Global Restructuring Group.

The report produced by Promontory for the Financial Conduct Authority (FCA) reached completion in October 2016, yet the report has not been officially released by the city watchdog.

The main findings from the leaked report, as seen by Seneca Banking Consultants are as follows:

  • There was widespread inappropriate treatment of customers transferred to the Global Restructuring Group.
  • 1 in 6 cases were identified as being potentially viable, but the treatment received by the GRG caused financial material redress.
  • As a result of the unredacted leaked report, it is clear that more customers can be considered to have been badly treated by the bank, which means that more compensation should be set aside for GRG victims.
  • It was paramount for the commercial objective to be followed by GRG staff in order to generate income from charges imposed on customers.
  • GRG had a majority casting vote about transfers to GRG.

Why choose Seneca Banking?

Seneca Banking are at the forefront of winning compensation for businesses mistreated by Royal Bank of Scotland’s (RBS) Global Restructuring Group (GRG). We have recovered £2.75m in relation to GRG losses and we now advise over 200 businesses.

If you would like to find out if you have a GRG claim, please contact us using our contact form and one of our specialists will be able to assist you. Alternatively, you can call us on 01204 322 805.