Deadline announced for complaints about RBS' disgraced restructuring service
PUBLISHED: 15:03 20 July 2018 | UPDATED: 15:22 20 July 2018
Time is running out for small businesses to lodge complaints over the way they were treated by Royal Bank of Scotland’s controversial restructuring unit.
RBS announced on Friday that the Global Restructuring Group (GRG) complaints process would close to new claims on October 22, nearly two years after its launch.
It has so far offered a total of £125m to victims of GRG, the now defunct turnaround unit that has been accused of pushing firms towards failure in the hope of picking up assets on the cheap.
A further £10m has been put forward to 370 complainants out of the 803 cases that have now been closed.
The bank said it has received 1,230 complaints from around 16,000 customers eligible to use the scheme to date.
RBS has put aside £400m in provisions to cover the GRG compensation scheme, which included set-up and running costs.