Following its announcement back in July, the Royal Bank of Scotland had now closed its review scheme to new complaints regarding the conduct of its former Global Restructuring Group (GRG).
As many will be aware, the GRG was intended to be a turnaround division to assist struggling businesses during the recession that, for whatever reason, no longer fitted into RBS’s normal lending criteria. Despite the apparently noble objective, GRG went on to face controversy when allegations surfaced that the division of the bank was actually treating customers unfairly, applying unjustified fees and aggressively asset stripping businesses to increase its own revenue.
Reports published by Sir Lawrence Tomlinson in 2013 and by the Financial Conduct Authority this year investigated the historic issues and did uphold that the bank failed to provide the level of service it ought to have and had conflicting objectives of assisting businesses while generating revenue.
For those that were unable to lodge complaints ahead of the 22nd October 2018 deadline, the Bank has confirmed that these will still be eligible to be progressed through the standard complaints department. However, due to the length of time since the actions of GRG became well publicised and the division was subsequently rebranded, many former customers may find themselves outside of the typical six-year limitation period in which complaints will be considered.
If you have been able to lodge a complaint in time, Seneca Banking Consultants may be able to provide assistance with either bolstering your initial complaint to ensure you have the best chance of success, or by helping you through the appeals process.
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.