RBS v Carlyle – Where Now?

By |June 10th, 2015

By Cat MacLean, Partner & Head of Dispute Resolution
INTRODUCTION
This is clearly a great victory for Mr Carlyle after a long and punishing 7 years. However, when the celebrations are over, the key question that remains to be answered is whether the UK Supreme Court’s decision will have wider implications.
To date, victories by SMEs and individuals against banks have been few and far between. It has, of course, been an uphill battle for property developers and SMEs since the recession first hit, […]

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RBS shareholder trial – Judge orders bank to produce Fred’s Private Emails

By |April 7th, 2015

Royal Bank of Scotland has been given less than three weeks to hand over emails and other correspondence sent by former chief executive Fred Goodwin and former head of investment banking, Johnny Cameron, in the prelude to its October 2008 collapse.

In a hearing in the Royal Courts of Justice earlier this month, the Hon. Mr Justice Robert Hildyard, ordered the state-rescued bank and its lawyers Herbert Smith Freehills to produce evidence, including executive directors’ correspondence, emails and phone call […]

Why have RBS Bankers Not Been Prosecuted

By |February 1st, 2015

Voters cannot understand why the bankers who oversaw the collapse of RBS have not been pursued by prosecutors, Vince Cable said last night.
The Business Secretary piled pressure on the authorities to bring Fred Goodwin and other former bosses to account.
A legal report prepared for Mr Cable is understood to have concluded there was ‘prosecutable evidence’ against several of the bank’s executives.
They steered RBS into the biggest corporate disaster in British history, leaving taxpayers with a £45billion bill for its […]

Guess who’s looking at your credit report …

By |December 15th, 2014

Do you know who’s looking at your credit report – and are they entitled to be nosing around in your affairs? A businessman is calling for an investigation after discovering that some of the other parties in a commercial dispute he was embroiled in, had managed to get access to information about him from two of Britain’s credit reference agencies.
A large law firm and a team of private investigators acquired information about Bev Oates from the files of Callcredit […]

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Co-op fears it will fail Bank of England stress tests

By |December 15th, 2014

The troubled Co-operative Bank is this week likely to fail key ‘stress tests’ designed to probe the ability of Britain’s biggest lenders to withstand another financial storm.
Chief executive Niall Booker has already said it would come as ‘no surprise’ if the loss-making operation were to flunk Threadneedle Street’s tests.
Results of the tests, which model extremely bleak scenarios including a house price fall of 35 per cent and rocketing unemployment, are due tomorrow.
Co-op Bank, which is now largely owned by […]

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UK retail banks questioned by MPs on fraud levels

By |December 8th, 2014

http://www.ft.com/cms/s/0/00095faa-7e24-11e4-b7c3-00144feabdc0.html#ixzz3LI7bT9Mk

An influential committee of MPs has asked the UK’s five leading high street banks to report on how they assemble fraud figures, in response to a claim that they understate the numbers by as much as half.
The Treasury select committee was told banks only report fraud if the money lost is irretrievable, neglecting to include large amounts of stolen funds that are recovered.

Andrew Tyrie, chair of the committee, which oversees financial legislation, has asked Barclays, HSBC, Lloyds, Santander and Royal Bank of Scotland for information about […]

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    RBS gives 10 executives £5.5m in allowances to sidestep EU bonus cap

RBS gives 10 executives £5.5m in allowances to sidestep EU bonus cap

By |December 7th, 2014

Ten top executives at Royal Bank of Scotland have been handed almost £5.5m in shares this year as allowances to sidestep the EU bonus cap.
The latest disclosure to the stock market by the 80% taxpayer-owned bank shows that the 10 received £1.9m in these allowances for the last four months of 2014. These awards followed £3.5m handed out in August, to cover the first eight months of the year.
Only one of the 10 sits on the board: the finance […]

RBS Sorry For ‘Incorrect’ Evidence To MPs

By |November 30th, 2014

Royal Bank of Scotland (RBS) has apologised for telling MPs that a controversial division of the bank, accused of deliberately closing viable firms, was not seeking to make money from its activities.
The development came to light when the Treasury Select Committee released a series of letters between its chairman Andrew Tyrie and bank chairman Sir Philip Hampton relating to a hearing in June.
The Committee was told then by senior bank directors it was not the case that the Global […]

Judge Takes Pity on RBS Bankers who Committed £3m Fraud

By |November 30th, 2014

Two RBS bankers have walked away from a £3m property fraud without having to complete jail time because the judge believes they have already “suffered” as they were “embarrassed” by the incident.
Raymond Pask, 54, and his employee Andrew Ratnage, 50, established a series of fake companies in the names of Pask’s relatives so they could apply for mortgages to buy and renovate homes and then sell them for a profit.
The loan applications were submitted to the bankers’ employers so […]

RBS ‘wanted critic Tomlinson’s mortgage back’

By |November 30th, 2014

A businessman who wrote a government report that criticised RBS has been told he can no longer remain a customer of the bank, Panorama has learned.
In the 2013 report, Lawrence Tomlinson accused RBS of systematically wrecking viable businesses.
And in 2014, RBS deputy chief executive Chris Sullivan told him he would have to take his mortgage, business and personal accounts to another bank.
But RBS said the decision had nothing to do with the critical report.
Mr Tomlinson’s report accused RBS of […]

Years On, Different Scandal, Same Problems

By |November 25th, 2014

The numbers are once again staggering, the arrogance breathtaking. Yes, it’s another week, another banking scandal. Channel 4 News’ economics editor, Paul Mason, expressed what many felt when he went into something of a rage while reporting on the latest banking scandal from outside the offices of RBS. Mason later explained that the clip that was aired was filmed after he had had time to calm down, so exasperated was he that so little had changed in the last […]

RBS Group Executives’ testimony questioned

By |November 25th, 2014

Bonuses handed out to senior bosses at Royal Bank of Scotland are facing renewed scrutiny after the chairman of the bailed-out bank apologised for inaccuracies in evidence given to MPs about its restructuring division.
Sir Philip Hampton admitted evidence given by two of the most senior bankers to the Treasury select committee was incorrect. The division is facing accusations about its treatment of small businesses.
The inaccurate evidence was given in June by Derek Sach, who ran the global restructuring group […]

Cable’s Guru scorns RBS ‘mockery’ of small firms

By |November 25th, 2014

The former government adviser who claimed in a controversial report that Royal Bank of Scotland forced viable businesses to the wall has launched a fresh broadside at the bank after it was forced to issue an apology to the Treasury Select Committee over misleading evidence given by two executives.
Lawrence Tomlinson said the testimony of Derek Sach, the former head of the RBS global restructuring group, and deputy chief executive Chris Sullivan “makes a mockery of both the parliamentary process […]

RBS reputation on the rocks as Blunders continue

By |November 25th, 2014

A BAD week for Royal Bank of Scotland was rounded off when the taxpayer-backed group was hit by a new computer systems failure and an embarrassing mistake by its number crunchers.
Just 24 hours after the owner of RBS, NatWest and Ulster Bank was fined £56million for a massive computer failure in 2012, the gremlins struck again.

The latest IT glitch affected customers using credit and debit cards but fortunately was resolved within 90 minutes.

And to pile on the woe for […]

Bankers Escape Justice

By |November 25th, 2014

Even after PPI, forex and the financial crisis, many of the directors who presided over scandal remain in public life.
There was a time when bank bosses took at face value Ogden Nash’s satirical poem Bankers Are Just Like Anybody Else, Except Richer. Not any more. These days most bank executives realise they are different in that their actions can blow up the global economy, bring nations to their knees and impoverish millions.
City watchdogs say they also grasp that global […]

Whistleblower Royal Bank of Scotland escapes Libor fine

By |October 22nd, 2014

Royal Bank of Scotland has escaped €115m of fines for alerting the European commission’s competition watchdog to two attempts to fix the prices of key interest rates.
RBS, which is 81%-owned by the taxpaer, was fined £390m last year for manipulating Libor by regulators in the US and the UK. It was given immunity from one €110m fine after telling the commission it had tried to influence Swiss franc interest rates with JP Morgan. The Wall Street bank was fined […]

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    Six years after Lehman’s crash, US and UK play out next financial crisis

Six years after Lehman’s crash, US and UK play out next financial crisis

By |October 13th, 2014

War game designed to test readiness of central banks as exercise will stress-test new global regulations.
The top financial brass from the Treasuries and central banks of Britain and the US are to take part in a war game, behind closed doors in Washington on Monday, to test how they would handle another Lehman Brothers-style banking crisis .
Six years after the financial earthquake that led to the multibillion-pound taxpayer bailouts of Royal Bank of Scotland and Lloyds Banking Group, the […]

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FOS- SME Bank Loan Disputes Jump By A Third

By |October 13th, 2014

The number of small businesses asking the Financial Ombudsman Service to intervene in disputes over bank loan and overdraft facilities has jumped by a third in the last year, according to LDF, a leading finance provider.
Figures show that the number of complaints received by the FOS from small businesses about loans and overdrafts from banks increased from 612 in 2012 to 816 in 2013.*
LDF points out that the actual number of disputes between businesses and banks over their loan […]

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Banker Pleads Guilty Over Libor Manipulation

By |October 13th, 2014

A senior banker from a British bank has admitted conspiracy to defraud over the Libor manipulation.
The banker is the first person in Britain to plead guilty to the offence.  The person cannot be named for legal reasons.
The Serious Fraud Office (SFO) said in a statement: “A senior banker from a leading British bank pleaded guilty at Southwark Crown Court on 3 October 2014 to conspiracy to defraud in connection with manipulating Libor.
“This arises out of the Serious Fraud Office […]

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Man wins landmark legal battle after going £2.67 overdrawn

By |September 27th, 2014

Oliver Foster-Burnell, 28, has won a landmark legal battle against Lloyds Bank – which could open the floodgates for a £30 billion payout. After going a few pounds over his £500 overdraft during a gap between employment contracts Lloyds Bank started charging him £20 a day and despite desperate phone calls he was hit with penalties of £743.
The unfair charges in 2008 meant he spiralled into debt after defaulting on other credit cards.  But after getting his finances back on track […]