Clifford Chance review


Clifford Chance review

In November 2013 Dr Lawrence Tomlinson in his role as Entrepreneur in Residence, Department for Business, Innovation and Skills, published a report entitled "Banks' Lending Practices Review: Treatment of Businesses" (the Tomlinson Report).

Our news

16 January 2014

In response, the RBS Group has instructed the law firm, Clifford Chance to conduct an independent review of the principal allegation made in the Tomlinson Report - that RBS, through its Global Restructuring Group (GRG) division, was culpable of "systemic and institutional" behaviour in artificially distressing otherwise viable businesses and through that putting business "on a journey towards administration, receivership and liquidation". Clifford Chance's independent review will focus on UK SME's.

In addition, the Financial Conduct Authority has announced that a separate, independent skilled person will be appointed in accordance with the FCA's powers under section 166 of the Financial Services and Markets Act to review statements in the Tomlinson Report (and the Independent Lending Review carried out by Sir Andrew Large in relation to RBS), concerning GRG. See the FCA's announcement.

If you are a UK SME customer of RBS or NatWest that has been referred to GRG and believe that your experience may fall within the principal allegation made in the Tomlinson Report, then Clifford Chance would be pleased to hear directly from you to explore whether your experience should form part of their review. They may also (with your consent) provide your details to the FCA for the purposes of the skilled person review.

If you can assist in this way, please contact them at CliffordChanceTomlinsonEnquiries@CliffordChance.com

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