A former chief executive of software firm Torex has filed a claim for £30million in damages, while campaigners in the RBS GRG Action Group have demanded at least £2billion for 50 businesses affected. Winding-up Petition Hearing Representation, Tier 1 Entrepreneur Settlement & Extension Lawyers, Immigration: Deportation Orders & Removal Notices, BII claims: 10 reasons why we can obtain optimal compensation, Supreme Court judgment in BII test case: What this means for COVID-hit businesses, past record of reducing or eliminating the cost of redress, FCA is looking at allegations that RBS sought to profit, Specific legal advice about your circumstances should always be sought. By James Burton Banking Correspondent For The Daily Mail, Published: 19:21 EST, 7 November 2016 | Updated: 19:33 EST, 7 November 2016. By using this website, you agree to their use. Need to re-think? "The discovery that almost all the senior management in the new unit previously worked at GRG raises concerns that there has merely been a rebranding exercise." It follows years of criticism which were first met with a staunch defence from the lender – even though as far back as 2009, City bankers were saying they would ‘take the keys’ of properties if they could not get their money back during the financial crisis. Giving evidence to MPs on the Treasury select committee last month, Tracey McDermott, acting chief executive of the FCA, confirmed that the regulator was in “the latter stages” of its work. Also, Royal Bank of Scotland has … An estimated £1 million of this may be needed to run the compensation scheme, leaving only £3 million in the compensation ‘pot.’ An Independent Third Party, retired High Court Judge, Sir William Blackburne, undertakes an assurance and appeal role as part of the process. In the IRHP Review scheme, RBS told customers they did not need legal representation however they failed to inform customers that RBS was legally represented to the hilt not only with an army of in-house lawyers and external city lawyers but also with a team of ten lawyers hired to work directly within the Project Rosetta review itself. Royal Bank of Scotland is being ... (GRG). The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. It is being delivered by a specialist team. Certainly Spurin and the RBS IRHP review team have a past record of reducing or eliminating the cost of redress by avoiding making compensation payments unless forced as commented on by Guto Bebb MP. The GRG scandal involving the bank unravelled in 2013 when an investigation was launched by the Financial Conduct Authority into the RBS business support unit created in 2008 (following the release of a report by Dr Lawrence Tomlinson). The taxpayer-backed lender will deny allegations it sought to profit from their suffering, but it will at last acknowledge that some company owners are entitled to a payout. RBS has faced a stream of allegations since then, culminating in a damning report by Government-backed entrepreneur Lawrence Tomlinson. Pressure on Government to slash RBS payouts after global banking retreat on bonuses. HBOS litigation claim? RBS announced last month that SME customers will automatically be entitled to a refund of the fees that they were charged whilst being managed by the Bank’s Global Restructuring Group (GRG) between 2008 and 2013 following a review by the FCA. Evidence has emerged of a government agency's role in the Royal Bank of Scotland's (RBS) controversial Global Restructuring Group (GRG). Between 2008 and 2013, the GRG at Natwest and RBS’s was established by the banks as a business support unit for businesses experiencing financial difficulties. 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