Tomlinson Brands RBS Complaints Scheme a PR Stunt
RBS’s turnaround division GRG has received much publicity surrounding its alleged activity of securing as much profit as possible for the bank rather than seeking to help struggling businesses.
GRG’s action were first uncovered by entrepreneur Laurence Tomlinson in his 2013 report, which highlighted some of the ways businesses were destroyed at the hands of GRG including extortionate fees/charges, aggressive debt restructuring and debt for equity swaps.
Eventually RBS were forced to apologise and set up a compensation scheme to help those affected.
However Mr Tomlinson states that changes to the terms of the complaint process now appears to limit the settlements under the scheme by forcing customers to agree to settlements within short timeframes and discouraging appeals for fairer settlements.
As a result, rather than being a genuine attempt by the bank to provide fair compensation, Mr Tomlinson stated that the scheme “could be regarded as a cynical attempt to shut up critics through a PR motivated stunt with the added benefit