IRHP Mis-selling Claims
If you or someone you know has been a victim of IRHP mis-selling Heald has experience in securing redress from banks.
What are IRHPs?
Interest rate hedging products (or IRHPs, as they became known), were sold by the leading High Street Banks to small businesses in the period leading up to the financial crash in 2008. Following negotiation with the government and the financial services regulator, a review scheme was set up by the Banks (the Review Scheme). Because of the Review Scheme the banks have returned billions of pounds to customers who were mis-sold IRHPs.
Heald has successfully acted for dozens of owner-managed businesses, who were sold these products. We have recovered millions of pounds for our clients.
GRG and West Register
GRG is the abbreviation for Global Restructure Group, which was a division of RBS, created for the purpose of “helping” financially distressed customers. During the banking crisis many allegations were circulating about RBS’s conduct including use of GRG. The allegation was that RBS had deliberately and with little or no justification, pushed viable businesses into GRG. Once in GRG fees were levied and rates increased which pushed struggling companies into insolvency. In addition assets were sold to an associated company called West Register Limited set up by RBS to deal with distressed assets from RBS customers.
On the 10th October 2016, Newsnight screened a programme about GRG and West Register. The information in the programme was provided by an RBS insider, or “whistle blower”. The allegations in summary consisted of:-