Too Late To Apologise?
The FCA review of the historical treatment of SME customers in The Global Restructuring Group (“GRG”) of RBS / Ulster Bank remains ongoing however the bank has officially written to some 12,000 RBS and Ulster Bank customers with a view to doing what they call “putting things right”.
They have acknowledged that their levels of service during 2008 to 2013 were unacceptable and they have reiterated their “apologies to those customers unequivocally”.
Many businesses were told the purpose of GRG was to restore customers to acceptable credit condition so that they could return to mainstream banking. In our clients experiences this was seldom the case. One of two things usually happened:
1) We mediated an amicable agreement through a bank exit; or
2) The loans were sold to private equity firms known as “Vulture Funds”.
The other scenario that other bank customers may have faced is insolvency. The bank are prepared to look at these cases but are only able to deal with the officials of the company presently appointed and listed at Companies House such as the Administrator or Liquidator.
So whilst we always welcome when a bank such as RBS and Ulster Bank puts their hands up to a mistake, the question I would ask…is it too late to apologise? Like the lyrics of the self-titled song, the scenario appears all too familiar:
“You tell me that you need me,
Then you go and cut me down, but wait,
You tell me that you're sorry,
Didn't think I'd turn around, and say…That it's too late to apologize.”
The facts of the cases in my experience was that the GRG units of RBS and Ulster Bank placed borrowers whose loans were performing (or not performing as the case may be) under enormous financial strain.
The bank has now created a new complaints process and is automatically refunding “complex” fees that they charged to their customers during this time by RBS and Ulster Bank.
Many of our existing and former clients are contacting us in respect of the letters they have been receiving from the bank. If you have not yet received your letter, they plan to have them all issued by 12 December 2016.
The bank have confirmed that they have changed the way they serve their customers today to make sure they meet expected standards claiming to have become a simpler, fairer, and safer bank. I can assure you RBS / Ulster Bank, despite the changes you have claimed to make, this has not been reflected in the way you treat existing customers in financial difficulty today.
If you have received a letter or are a business that was managed by RBS or Ulster Bank GRG division between 2008 and 2013, get in touch with GDP Equity Experts who are fully authorised by the FCA to provide advices in respect of your debts.
We can also talk you through further information on the complaints process and the complex fee refunds.
Most people are calling us now on 028 92 444 555.