As many will be aware, the Royal Bank of Scotland has been the subject of myriad allegations concerning the mistreatment of customers which it transferred to its Global Restructuring (GRG) department. GRG had been held out as a dedicated division which was able to assist struggling customers above what the mainstream banking team may have been able to provide.
The department, however, was mired in allegations that it was intentionally distressing businesses, applying unnecessary fees and stripping assets, all to generate increased revenue for the bank who had been bailed out by the UK government.
Alongside a review commissioned by the Financial Conduct Authority, the bank also established a complaints process in November 2016 specifically for former GRG customers during the period of 2008 – 2013. The main draw of the process was that it was to be overseen by retired High Court Judge, Sir William Blackburne, who would also review eligible complaints a second time under his appeals process.
After less than two years, the Bank announced back in July 2018 that the process would be coming to a close on 22nd October 2018.
This closure has now taken place with many who did not lodge complaints in time now wondering whether they have any options left to them.
Through discussions with RBS, we have been able to confirm that for those affected by GRG between the 2008 – 2013 period, that the review focussed on complaints can still be lodged with the bank’s standard complaints team. Although those customers pursuing this route will not have access to the appeals process, they will not be excluded on the basis of limitation.
Under normal limitation rules, the bank would be able to consider complaints as having been brought too long after losses had been suffered, typically a period of six years, as out of time. RBS have however stated that this will apply until November 2019, representing three years from when the complaints process was announced.
The above process will also apply to complaints regarding RBS’s similar Specialised Relationship Management (SRM) which has typically been viewed as a halfway point between mainstream banking and GRG.
If you have been affected by the actions of GRG or SRM, Seneca Banking Consultants are here to help. We are experts in the field of seeking redress from RBS for inappropriate conduct and have assisted hundreds of clients with lodging complaints. Please feel free to get in touch for a no obligation chat on 01204 322 805.