RBS and Clifford Chance

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Posted in:Banking and Finance|January 22, 2014 | Join the mailing list

Department for Business and Enterprise entrepreneur in residence,
Lawrence Tomlinson recently published his report
which highlighted some of the worst excesses of the GRG regime.

The Sunday Times and Mail on Sunday published articles on the subject, both quoting Alison Loveday, Berg’s managing partner who has been prominent as a client advocate on the subject of GRG
over the last two years.  Alison has also acted for many clients in respect of interest rate swap cases. Having been an untiring and prominent advocate for two years, Alison continues to represent clients’ interests in regards to these issues.  

Politicians have begun asking questions and customers who have been decimated by RBS have also begun to find their voice via high profile media investigation and recent Westminster scrutiny.  Berg has worked with MPs on the issue, including briefing some MPs
preparatory to the
recent Westminster Debate, a transcript of which can be found here
. A Radio 4 investigation into GRG, also featuring Alison Loveday, was broadcast on 21st January 2014, and can you can
listen again to the File on 4 feature on BBC Radio 4 here

RBS has now confirmed that it has appointed Clifford Chance to review RBS’s dealings with SMEs in respect of GRG and West Register. 
Clifford Chance is a very large and well respected international law firm based in London.  Separately, the Financial Conduct Authority has appointed Promontory Financial Group and Mazars to conduct an independent skilled persons report under section 166 of
the Financial Services and Markets Act (FSMA) 2000
(see the FCA press release HERE).

RBS has issued a press release inviting RBS customers to email Clifford Chance (directly) with their experiences of GRG and West Register.

Some clients and members of the public have queried whether it would be beneficial to email Clifford Chance with heir story.  Berg would advise caution.  RBS customers should not submit anything to Clifford Chance without first having their case reviewed by
a solicitor, preferably one that is experienced in the field.  

If you correspond directly with Clifford Chance, your communications will automatically become the property of RBS, who will have the ability to use that information in any way that they so choose.  If at a later date you should issue a claim against RBS or
West Register (or both) through the Courts you may be faced with RBS producing your submission to Clifford Chance as evidence, and this may have a detrimental effect upon any case you may have.

Berg is a law firm that has practiced commercial litigation for 30 years and has been at the forefront of banking litigation work for a number of years, including IRHP cases.  During that time a number of clients have tried to undertake their complaints with
the bank (and sometimes actually commenced a court action) themselves before instructing Berg and we have seen cases that have been more challenging and even undermined as a result of a submission made by the client direct to a bank that is later brought up
by the opposition in Court.

Any banking litigation is complex. The regulations and legislation that govern how a bank may act, and the judicial decisions that interpret those rules, are extensive and very complex.  What you may consider to be very important may be legally irrelevant,
and what you consider to be unimportant may in fact be crucial.  

As a consequence of our experience, we have concerns that customers of the bank may make submissions to Clifford Chance that could have potentially disastrous consequences for any future Court claim.  Berg is therefore recommending that any RBS customer who
wishes to make a submission to Clifford Chance and/or to Promontory Financial Group and Mazars should have their case reviewed before making contact with them.  

If you should wish to discuss your case, please call 0161 829 2599  and ask to speak to a member of the Banking Litigation Team that deals with GRG.  Please also see our website for more details:

GRG and West Register

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