GRG and West Register

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:- 

  • 1: RBS looked for technical breaches of covenant in order to push customers into GRG;
  • 2: RBS obtained revaluations of property portfolios in order to trigger a loan-to-value covenant breach;
  • 3: RBS pushed awkward or complaining customers into GRG;
  • 4: RBS used West Register to buy assets at depressed values, in order to profit the Bank;
  • 4: RBS aggressively put viable businesses into liquidation in order to obtain cash.
  • 5: Heald Solicitors are familiar with these tactics through its work in helping businesses in the Review Scheme.  If you think you have been a victim of GRG or West Register, contact us now.

For more information contact Tom Silverwood-CopeSimon Daw or Kevin Windo on 01908 662277.

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