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Vedanta Hedging has advised many businesses who have been forced to enter the Global Restructuring Group (GRG unit), due to mis-sold interest rate swaps. A significant part (and sometimes the largest component) of a legal hedging dispute, is the consequential losses. A large number of corporates that Vedanta Hedging has advised, would not have been placed into GRG / BSU but for the mis-sale of an IRHP.
Mr Abhishek Sachdev, CEO of Vedanta Hedging, has been interviewed on Sky News regarding the delay in the FCA Review of RBS’s GRG unit. He discussed, how the GRG scandal could cost RBS tens of billions due to the size of some businesses affected.
To learn more, please watch our webinar on the GRG scandal and mis-sold interest rate swaps here.
The 361-page report into the GRG scheme was commissioned by the city’s watchdog almost four years, but the regulator refused to publish its findings. The report was leaked to the BBC, which stated that only 10 percent of the companies sent to the GRG unit returned intact to the main bank.
Small and medium-sized companies placed under the supposed care of the global restructuring group almost all suffered from some form of financial abuse, whether it be raised borrowing costs or an increase in their fees, the FCA has found.
The FCA has refused to publish its full report into RBS’s controversial GRG unit, despite demands for its release from Treasury Committee chair, Nicky Morgan, who raised concerns about the leak and insisted for the report to be published in full. FCA, Chief Executive Andrew Bailey, said that publishing the report would risk revealing confidential information.
Television Presenter, Noel Edmonds claims to have a copy of the FCA review of the treatment of SME’s by RBS Global Restructuring Group. Mr Edmond has suggested he plans to discuss the report further this week, explaining why Andrew Bailey is ‘possibly correct’ when he said the full publication of the report was not in the public interest.
Although the FCA has said it would release a detailed summary of the report in due time. Nicky Morgan, The Chair of the Treasury Select Committee said there was an overwhelming case for publishing the full report since it was “now in the hands of a number of third parties”. Mr Edmonds claims have created further pressure to publish and wondered how many others have copies of the report.
Noel Edmonds has previously taken an interest in banks’ treatment of small companies after his threat to sue Lloyds over the loss of his former business Unique Group, demanding over £300m compensation in connection with the fraud scandal at HBOS.
Lloyds rescued HBOS during the financial crisis and put aside only £100 million for customers affected by fraud. which took place at the Reading branch during 2003 – 2007. The corrupt advisers were convicted earlier this year for the £245 million fraud scandal, which impacted several businesses.
Whether you have suffered at the hands of RBS’s Global Restructuring Group or were unfortunate enough to be a customer in Lloyds Business Support Unit, HSBC Commercial Recovery Unit, Barclays Support Unit or Santander Corporate Restructuring Team. Please contact us today.
To find out more, contact us on 0207 183 2277 or nitasha@vedantahedging.com
