The RBS GRG Redress Scheme (“the Scheme”) was set up to handle complaints from UK and ROI customers placed in GRG between 2008 to 2013.

On 22 October 2018, the Scheme was closed to new complaints made by customers. Customers that have submitted a complaint before this deadline are entitled to have this processed and to receive a written decision from the bank after its investigation.

What happens after a Complaint is submitted?

Customers will receive an acknowledgement letter confirming that their complaint has been received by the Scheme. This is normally sent within a few days and an automatic acknowledgement is sent if the complaint is submitted by email to the GRG Helpdesk.

When the complaint is processed, the bank will issue a Complaint Outcome Letter. This will contain a summary of its decision and any offers for Direct Loss on eligible complaints. The Outcome Letter usually contains numbered enclosures providing guidance to customers on the next steps to take.

What happens next?

You can either:

  1. Accept the bank’s decision and any offer of Direct Loss;
  2. Appeal the bank’s decision to the Independent Third Party (“ITP”);
  3. Make a complaint to the Financial Ombudsman Service (“FOS”) (subject to eligibility criteria).

It is vital to read the Outcome Letter and its enclosures carefully because there are specific deadlines for when customers must accept the bank’s decision and/or appeal to the ITP. Currently, customers have 56 days from the date of the Outcome Letter to accept and/or appeal.

If you accept the bank’s decision?

If you accept the bank’s decision that means you accept the entire contents of the Outcome Letter including any complaints that the bank has upheld / not upheld and any offers of Direct Loss. If the bank has upheld a customer’s complaint (or parts of a complaint) then that customer is entitled to make a claim for Consequential Loss. This claim must be submitted within three months of the Outcome Letter. The bank has confirmed that it will meet the reasonable cost of an initial meeting with a professional advisor to assist in establishing whether a customer has suffered Consequential Loss.

The bank has published extensive guidance on Consequential Loss on its website (www.rbs.com/GRG)

Appealing the bank’s decision

If you are unhappy with the outcome of your complaint, then you can ask the ITP to review it. Customers that wish to appeal need to submit an Appeal Form within 56 days of the Outcome Letter. The bank recommends that customers provide reasons why they disagree with the bank’s decision. The ITP will not investigate any new allegations that the bank has not had the opportunity to consider.

The ITP’s decision

The ITP will either accept or reject the appeal. The bank will then issue a Final Outcome Letter incorporating the ITP’s decision. Any offers of Direct Loss made previously are usually reissued. A customer will then have 28 days either to accept or reject the Final Outcome Letter. If there are eligible complaints that have been upheld, either in the first Outcome Letter or Final Outcome Letter, then you can make a claim for Consequential Loss.

Financial Ombudsman Service

You may have the right to refer the bank’s decision to the FOS.  The FOS will only look at complaints if you have a turnover of less than 2 million Euros and have fewer than 10 employees. 

This note is intended as practical guidance only and we would always recommend to clients that they read all written correspondence from the bank carefully and to seek professional legal advice.

Speak to our banking litigation experts

If you need advice on any of the issues raised in this article, don’t hesitate to contact our expert Banking Ligitation Team on 0161 941 4000 or by email at lawyers@myerson.co.uk.