A Scots lawyer is looking to bring professionals together in a network to bring legal claims against financial institutions, The Herald reports.
MBM Commercial’s Cat Maclean has launched the Financial Claims Networking Group to “raise awareness of the changing nature of banking claims” so professionals including financial advisers and accountants have a better idea of when legal action may be necessary.
The All Party Parliamentary Group for Fair Business Banking, established to “prompt solutions to the problems created by bank misconduct towards small and medium sized enterprises” is supporting Ms Maclean’s initiative.
Ms Maclean said the network was needed because “there is no doubt this area is far more complex than previously thought”.
She added: “We are reaching out to customers, whether individuals or SMEs, and to fellow professionals who may be working on behalf.
“Unfortunately, our banks and financial institutions remain in denial about the damage they have done to many individuals and business.
“Many people still require specialist legal and accounting advice and accounting preparation to even get their claims to first base.”
Ms Maclean represented clients taking on RBS’s Global Restructuring Group, and has launched a joint venture, MBM Veritas with Edinburgh financial advisory firm Veritas Treasury.
MBM Veritas was established following RBS’s announcement of a compensation scheme for GRG customers after it was accused of forcing SMEs into bankruptcy only to buy their assets for a fraction of their value and sell them for profit. The bank has set aside £400 million to refund fees paid to GRG.