Global Restructuring Group
The Global Restructuring Group was Royal Bank of Scotland’s former turnaround division which was used to raise money for the Bank after the onset of the financial crisis. Thousands of businesses were mistreated by the business support unit, leading many into liquidation. Common indicators of GRG mistreatment include, aggressive restructuring and debt for equity swaps. These were just some of the ways businesses were affected by the GRG.
Interest Rate Hedging Products
Interest Rate Hedging Products are financial derivatives which can be used to manage fluctuations in interest rates. They are available in many forms such as swaps, caps, collars and structured collars. Banks often marketed this product with the expectation that interest rates would rise. In many cases, the banks failed to disclose the associated break costs, leaving businesses unable to exit long-term contracts.
Currency Swap Compensation
Currency products or Foreign Exchange hedging products are regularly used by SMEs to eliminate or “hedge” their foreign exchange risk when either their revenues or expenditure is in a foreign currency. These products can often be extremely complex, unsuitable for certain types of businesses, and often pose significant unexplained risks. Seneca have significant expertise in claiming for any loss arising as a result of this.
Tailored Business Loans Claims
A Tailored Business Loan is embedded into a loan facility which is separate to a standard loan or hedging arrangement. It appears as a standard fixed rate loan with many associated risks which are often unexplained. This product was repetitively mis-sold and has been excluded from the FCA review on Interest Rate Hedging Products (IRHP) as banks argued that TBLs are not embedded hedging products.
When selecting your advisor, choose a business partner that extends capabilities beyond the claims process. At Seneca Banking, our team are equipped with comprehensive knowledge of the banking sector, structured lending products and the associated contracts.
Our team of leading advisors are made up of highly experienced corporate financiers, chartered accountants, bankers, corporate and commercial lawyers, who together, provide our clients with a first-class claims management service in relation to mis-sold financial products.
We have previously submitted evidence to the Treasury Select Committee in relation to the mis-sale of Interest Rate Hedging Products, and our valued members are also called on by the press to comment on sector issues.
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For more information regarding the Seneca service, please do not hesitate to get in touch. A member of our specialist team will be able to assist with any query you may have.