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More pressure from delayed GRG report

The Times yesterday reported that hundreds of businesses are threatening the City Regulator with legal action because of delays to a long-awaited report into the activities of RBS’ Restructuring Unit. 
Lawyers acting for more than 400 companies which claim they were mistreated by the Global Restructuring Group (“GRG”) have written to the Financial Conduct Authority saying that they plan to lodge a judicial review into the handling of the issue. 
The Times reports that some businesses fear that their legal claims could expire unless the findings of the FCA report are made public soon.  Hundreds of businesses have complained about the unreasonable delays to the publication of the GRG report, which was to be issued almost 2 years ago.  The review was conducted by Promontory, a financial consultancy, and Mazars, the accountancy firm.  It was handed to the FCA about 6 months ago and has been seen by RBS, but there is still no firm schedule for publication. 
The Times reports that it is understood that one of the factors is whether the Regulator will recommend compensation for effected companies. 
Gordon Deane at Balfour+Manson has been advising a number of the firm’s clients regarding bank related claims, including those involving the GRG. If you would like to discuss any such matter with Gordon, please contact him on 0131 200 1485 or at gordon.deane@balfour-manson.co.uk