FCA to face judicial review over GRG investigation

FCA to face judicial review over GRG investigation

Following the announcement at the end of July this year that the Financial Conduct Authority (FCA) had taken the decision not to pursue further action against the Royal Bank of Scotland (RBS) for the actions of its Global Restructuring Group (GRG), one concerned businessman is looking to take the regulator to Court.

Last week saw the announcement that Scottish businessman Neil Mitchel had taken steps towards bringing the FCA’s decision not to take further action against the bank under a judicial review. Although details remain scarce at the moment it is believed that the review is intended to consider the question of whether the FCA was right in reaching the decision not to take any action against individual employees of the bank for their role in carrying out the poor conduct that customers allege occurred.

In a statement published by news site Reuters, a spokesman for the FCA has declined to provide any further information stating, “we will not comment on the application seeking to review this decision while it is pending”. It is believed that RBS have been similarly quiet on the issue and have declined to provide any comment.

Any decision on the review is likely to be of great interest to the some 12,000 customers estimated to have been affected by the conduct of GRG, only 2,528 of which have lodged complaints under the complaints process.

Although the formal review established to consider complaints against GRG has now closed to new complaints as of 22nd October 2018 the Bank has provided confirmation to Seneca Banking Consultants that the internal complaints department will still consider GRG complaints up until November 2019. Complaints which would typically be considered out of time can therefore still be brought forward so long as the conduct in question dates between 2008 – 2013.

Seneca Banking Consultants are experts in the field of seeking redress for banking misconduct and have been successful in recovering over £100 million in compensation since 2012. Please feel free to get in touch for a no obligation chat on 01204 322 805.