- Banking Litigation
- Dispute Resolution
Shorter Reads
1 minute read
Published 22 February 2018
Robin Henry, a financial disputes partner at law firm Collyer Bristow, said the most striking conclusion in the report was that inappropriate behaviour was systematic.
“Such behaviour, contrary to the law, regulations or RBS’ own policies, was not the result of rogue employees but something that GRG management was or should have been aware of,” Mr Henry said.
“There was an intentional and coordinated strategy to focus on GRG’s commercial objectives rather than on the interests of its customers.”
He also criticised the FCA for not carrying out the second phase of its investigation.
He said: “A[nother] major failing revealed by the report’s publication is that the FCA has not followed up on its conclusions since it was completed in September 2016.
“The report was supposed to be Phase 1 of the investigation into GRG, and Phase 2 was for the FCA to consider the root cause of the problems and whether RBS management knew or sanctioned GRG’s misconduct.
“Nearly 18 months later, the FCA has provided no answers to these questions, and this is something it must now address as a matter of urgency.”
Shorter Reads
Published 22 February 2018
Robin Henry, a financial disputes partner at law firm Collyer Bristow, said the most striking conclusion in the report was that inappropriate behaviour was systematic.
“Such behaviour, contrary to the law, regulations or RBS’ own policies, was not the result of rogue employees but something that GRG management was or should have been aware of,” Mr Henry said.
“There was an intentional and coordinated strategy to focus on GRG’s commercial objectives rather than on the interests of its customers.”
He also criticised the FCA for not carrying out the second phase of its investigation.
He said: “A[nother] major failing revealed by the report’s publication is that the FCA has not followed up on its conclusions since it was completed in September 2016.
“The report was supposed to be Phase 1 of the investigation into GRG, and Phase 2 was for the FCA to consider the root cause of the problems and whether RBS management knew or sanctioned GRG’s misconduct.
“Nearly 18 months later, the FCA has provided no answers to these questions, and this is something it must now address as a matter of urgency.”
Need some more information? Make an enquiry below.
Subscribe
Please add your details and your areas of interest below
Article contributor
Partner - Head of Dispute Resolution Services
Specialising in Banking & financial disputes, Commercial disputes, Corporate recovery, restructuring & insolvency, Digital and Personal insolvency
Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?
Subscribe to our articlesPlease note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.
Close