Former Business Secretary Vince Cable has said that it is amazing that nine years after the financial crisis we are still dealing with these problems and that the Financial Conduct Authority had been extremely dilatory in dealing with the publication of the S.166 report.
He was speaking on BBC Radio 4’s Broadcasting House programme which also featured GRG victim Architect Andy Gibbs. Gibbs who has also appeared on BBC’s Newsnight took out a loan from RBS and claims that the bank sold him an interest rate hedging product and then pushed him out of business, following which the now notorious Global Restructuring Group, took control of Andy’s three businesses and sold them on. Sensationally the Norwich architect also claims the bank had informed Norwich council that he had died.
Andy’s complaint is now one of many which are being considered as part of a complaints process and compensation scheme which is overseen by an independent third party, former high court judge William Blackburne. The bank has confirmed they are aware of the case but find nothing on their records to substantiate the claim that they had informed Norwich Council of his death and state it would be inappropriate to make further comment at this time.
Also speaking on the programme Vince Cable said
“We have never had a complete, definitive picture on this, the FCA have been extremely dilatory in getting on with it. The question why it has taken so long could be due to slow inefficient working, or that they are in no great hurry to expose the potential scandals”
To find out more about the issues raised in this post, or to discuss any queries regarding RBS’ Global Restructuring Group or compensation scheme > get in touch with our expert Banking and Finance team on +44 (0) 161 829 2599.
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