Name: RBS’ Global Restructuring Group Compensation Scheme
Start: 2016-12-15T08:30:00Z
End: 2016-12-15T10:15:00Z
Location: MBM Commercial

RBS’ Global Restructuring Group Compensation Scheme

We are an award winning and entrepreneurial UK commercial law firm with offices in London and Edinburgh that helps entrepreneurial businesses based throughout the UK to start-up, scale up and go global.

MBM Commercial

Was your company moved into RBS’ GRG during the economic downturn? Were you charged excessive fees? Placed under duress to agree to punitive interest rates? Promised support if you sold assets or committed your own money to your business, only to see the Bank renege on those promises? Forced to agree penal lending terms? Then this seminar is for you!
On a “good day to bury bad news”, RBS announced on the day of the US presidential election that they were launching a new complaints process, to be overseen by an independent third party in the form of a retired High Court judge, Sir William Blackburne, and an automatic refund of certain fees paid by SME customers in the bank’s Global Restructuring Group (“GRG”) between 2008 and 2013.
The press release included an apology from Ross McEwen and an acknowledgement that “in some areas it could have done better for SME customers in GRG”. No figures were provided by RBS in relation to the number of companies who did not survive GRG, and who were placed in an insolvency process, but some estimate the number of businesses that failed whilst within GRG to be a very high percentage.
Against this background, the apology issued by Ross McEwen that “I am very sorry that we did not provide the level of service and understanding we should have done” may ring hollow for some. Many GRG customers have already received letters advising them that RBS records indicate that these customers had not paid any of the complex fees being refunded. It is clear that RBS are already working to exclude customers from the new process where possible.
However, the new complaints process does provide some hope to customers: for the first time, anyone who wishes to raise a complaint, or challenge the bank’s decision on a previous complaint, may submit a new complaint to the bank, and if you do not accept the outcome of the bank’s review, the customer will then, for the first time, have the option to appeal to the independent Third Party, Sir William Blackburne.
So what exactly will the scheme consist of? For certain charges imposed upon customers, it is said that there will an automatic repayment of these fees. These include management or monitoring fees, asset sale fees, exit fees, mezzanine fees, ratchet fees, risk fees, and late management information fees. Fees relating to property participation fee agreements and equity participation agreements are also included, but facility fees, even if these were imposed every few months where borrowing was extended for short repeat periods, are excluded, as are interest charges, even where customers were charged default interest of 29%, and margin increases. The bank has also specifically reserved the right to apply “set-off” of fees which might otherwise be repaid against amounts which may be currently outstanding in any loan or overdraft.
In addition to the refund of fees, customers may also complain about their treatment in GRG between 2008 and 2013. The complaint will be considered by a “specialist team” with Sir William Blackburne adopting an appeal role as part of the process. The bank said “this adds a more robust and independent step to the complaints process to deliver fair outcomes should SME customers who were in GRG wish to complain about their treatment”.
This seminar will look at the detail of the new complaints process and the compensation scheme. The panel of speakers will cover who is eligible to take part, what fees will be automatically refunded, how the scheme will work, and why it makes sense to engage professionals to guide you through that process. The panel will be answering your questions and queries on the scheme and give you all the practical lowdown you need to enable you to make an informed decision.

MBM Commercial 

Our {communityGuidelinesLink} describe the sort of content we prohibit on Eventbrite. If you suspect an event may be in violation, you can report it to us so we can investigate.

To report other categories of prohibited or illegal content, submit {link}

RBS’ Global Restructuring Group Compensation Scheme

More events from MBM Commercial

Follow organisers to get events picked for you

RBS’ Global Restructuring Group Compensation Scheme

More events from MBM Commercial

Follow organisers to get events picked for you

You might also like...

Browse more events with different dates, prices, and formats to find your next great experience.