Former RBS business customers set up website to bolster asset-stripping legal bid

The cohort of former Royal Bank of Scotland business customers who have amalgamated to launch a class action lawsuit against the still 73 per cent state-owned, bailed-out bank over its handling of businesses in distress have created a new website to appeal for witnesses.

The ExposeGRG site provides “a safe medium for GRG staff whistleblowers” who will back-up allegations that RBS’s now-notorious Global Restructuring Group (GRG) forced troubled companies to the wall in order to strip them of assets.

The site makes an appeal to current and former RBS staff to “assist claimants by offering information that…might help the Financial Conduct Authority in investigating GRG” and has promised that “information will be treated with the strictest confidence and they may retain anonymity if they wish.”

It claims it has already had a positive response with some witnesses coming forward.

The move follows last month’s news that Mazars and Promontory, the firms carrying out an investigation into the GRG on behalf of City watchdog the Financial Conduct Authority, had submitted their findings to the regulator.

RBS is now reviewing the findings, a decision criticised by RGL Management Limited, a group which says it is preparing a £1 billion legal case against the Edinburgh-based bank.

The FCA had originally promised to publish its investigation results in the third quarter of 2014.

A spokesman for ExposeGRG said: “The woes of hundreds of small businesses across the UK have been well documented, not least in the national press.

“ExposeGRG wants the practices of this department, along with other banks, investigated and we seek legislative change to protect future small business owners.

“We know that most RBS GRG staff were decent people, some of whom must have been uncomfortable with what was going on.”

He added: “We also encourage those affected by the actions of GRG to post their stories anonymously, showing the consequences, so that staff can truly understand the severity of decisions made.”

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