RBS’s Independent Third Party Report

In line with the role of Independent Third Party (ITP) to the Royal Bank of Scotland (RBS) review into the conduct of SME customers in the Global Restructuring Group, Sir William Blackburne has published his end of year report for 2017.

The first point raised within the report that will be of interest to those with, or considering, claims against RBS is the increase in the speed of handling incoming matters. Purportedly explained by the increasing number of staff working within the review team, in the last quarter of 2017, 144 outcome letters were sent out compared to just 62 outcome letters in the previous quarter. Whether this represents a genuine increase in productivity or just a shift in priorities of the types of claims being handled remains to be seen.

In terms of the standard of responses that are being provided by the bank, the ITP has been reviewing randomly selected cases to monitor that individual claims are being handled appropriately. During 2017, one claim from a sample of 45 fell short of expected standards and required reassessment. There are however no details provided as to the exact nature of the failure, so it is not possible to say to what extent similar failings may have affected other claims not considered within the small sample group.

The ITP also identified a further 10 cases in which failings at individual stages of the review process could have led to an undesirable outcome at the end. Two of these failings were identified in the information gathering stage and 8 at the decision stage. These issues were identified by RBS staff during later stages of the review. Whilst it may come as encouraging to some that the ongoing work of RBS is being reviewed, it is still troubling that from a sample of 45 cases, almost 25% were found to have some flaw in the process.

The final point of note in the report is the confirmation of the number of in-scope appeals made during 2017: just 27. The ITP does suggest that not too much should be read into this at this stage given the small number, but for the future, it is estimated that the number of appeals will increase exponentially with delays expected to replies especially compared to the current relatively quick response.

Global Restructuring Group: Designed to Distress, Download the free guide here.

If you are considering a claim against RBS or have already made one and want to explore your options for making a consequential loss claim, please get in touch or call 01204 322 805. Seneca Banking Consultants are experts in bringing complaints against the banks for any kind of misconduct.