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Deadline announced for complaints about RBS’ disgraced restructuring service

PUBLISHED: 15:03 20 July 2018 | UPDATED: 15:22 20 July 2018

RBS has set a deadline for complaints against the now-defunct Global Restructuring Group. Picture: Johnny Green/PA Wire

RBS has set a deadline for complaints against the now-defunct Global Restructuring Group. Picture: Johnny Green/PA Wire

Archant

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.

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