RBS will ensure that any redress payments it receives as creditor in relation to an upheld complaint of an insolvent customer will be matched by a payment to the charity. The Prince’s Trust has been selected because of the work it does supporting aspiring young entrepreneurs through its Enterprise programme.
RBS is also pleased to confirm that the Independent Third Party, retired High Court Judge, Sir William Blackburne, has agreed in principle to extend his oversight of the complaints process to include an independent appeals procedure for consequential loss claims. Discussions will be finalised in the coming weeks, with full details and guiding principles published on www.rbs.com/GRG . There will be no monetary limit to the cases that can be appealed under the process, which will be conducted in accordance with established legal principles.
RBS will meet the cost, where reasonable, of an initial meeting with a professional loss assessor or other adviser to assist the customer in establishing whether they may have suffered a consequential loss and, if so, whether it could be adequately evidenced and considered by the bank. Further guidance is published on the bank’s website.
Commenting on the announcement, Chief Executive, Ross McEwan, said:
“We have listened carefully to concerns raised about the GRG complaints process and have taken action as a result.
“It is important that customers continue to have confidence in the process and we are therefore pleased to have been able to make these improvements.
“The Prince’s Trust directly supports aspiring entrepreneurs and I am delighted that they will be able to benefit from these payments.”