Paul Kanolik
Partner & Solicitor
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Date Published:07 Jun 2018 Last Updated:22 Sep 2021

​RBS’ GRG Review Process – Recovering Your Consequential Losses

Banking & Finance Litigation

We have recovered in excess of £50million for clients in the last few years and have received a number of successful outcomes in relation to complaints made under RBS’ GRG Redress Scheme. After accepting an outcome under that process, complainants then have an option to claim for ‘consequential losses’ which they have incurred.

What is a Consequential Loss?

The first step of the RBS complaints process deals with compensating customers for their ‘direct losses’. These are defined by the Bank as:

  • “Sums of money paid by a Customer to RBS; and
  • Customer’s out of pocket costs of meeting RBS’ requirements”

Consequential losses are not specifically defined, but are any losses which do not come within the definition of direct losses.

Examples of consequential losses could include:

  • Loss of profits or business opportunity;
  • Losses arising from disposal of assets which would otherwise have been retained;
  • Increased costs of borrowing;
  • Legal and professional fees;
  • Loss of management time;
  • Pain, suffering and loss of amenity (e.g. where a medical condition has been caused by the Bank).

In order to recover consequential losses, they must be quantifiable, reasonably foreseeable, and must not otherwise have been incurred but for the Bank’s misconduct.

How can I bring a claim to recover my consequential losses?

Within RBS’ “Consequential Loss Guidance”, the Bank states that all Consequential Loss claims will be assessed in accordance with established legal principles, in the same way as a court would. These types of claims can therefore be very complex.

The Bank may be willing to meet the costs of its customers for having an initial meeting with a solicitor or other professional advisor, in order to assess consequential losses. Thereafter, it may also be possible to recover further legal fees under the complaints process.

How we can help

Ellis Jones Solicitors’ Banking and Finance Litigation team has vast experience in dealing with consequential loss claims, whether under court proceedings, review schemes such as the RBS GRG Review, or through the Financial Ombudsman Service. Where appropriate, we will often undertake claims of this nature on a ‘no-win, no-fee’ basis.

If you have incurred losses as a result of the actions of RBS, and would like to explore the possibility of submitting a claim, then please feel free to contact Paul Kanolik or William Fox Bregman in our specialist Banking and Finance Litigation team, who will be able to offer an initial free consultation.

If you would like to find out more about the RBS GRG scandal and process, further information can be found at the following links: