FCA receives long awaited final report on GRG

FCA receives long awaited final report on GRG


The FCA announced today on its website that it has received the report regarding GRG. The report focuses on malpractice at Royal Bank of Scotland’s (RBS’s) small business restructuring division from Promontory Financial Group and Mazars, the consultancy and the accounting firm charged with investigating RBS’s Global Restructuring Group also known as GRG.

The FCA states that whilst they have received the final report, there are a number of steps for the to complete before they would be in a position to share their final findings.

The FCA explained on their website that these steps will include an assessment of all relevant material, of which the skilled person’s report is one. The process has been described by the FCA as having been a complex and lengthy review and as such they have stressed the importance of not rushing the final stages of the process.

How can Seneca Banking help?

Seneca has been a significant proponent of encouraging the release of the FCA’s findings sooner rather than later as the long-delayed report has contributed to ongoing losses for affected companies.

Companies have faced financial ruin, as well as the prospect of potentially being time-barred from bringing claims where limitation may become an issue whilst thousand’s await the FCA’s final findings.

We encourage companies to not delay obtaining advice in order to be fully prepared for the imminent announcement from the FCA. Companies will need to be prepared to pursue their claim through various potential routes to redress.

The report is set to investigate RBS’s culpability over how it treated business customers in difficulty before and during the 2008 financial crisis. It is estimated that the cost to the Bank for claims could run into billions of pounds. Seneca Banking Consultants have represented over 400 clients with claims for mis-sold complex financial instruments.

We have provided evidence before the Treasury Select Committee as part of the inquiry in to SME lending. We are the market leader in this sector and provide expertise from the Banking, Investment and Legal sector.

We are uniquely placed to be able to offer a claims management solution to those who fear they may have been affected by the GRG scandal. We are able to analyse their financial suitability, advise on the grounds for a claim and seek satisfactory redress if needed.

If you have been affected by the turn-around division Global Restructuring Group (GRG), the Royal Bank of Scotland Capital Resolution (RCR) or a Property Participation Fee Agreement (PPFA) with the likes of West Register give us a call on 01204 322 805 or use our contact form online.