RBS Underestimated The Welsh Brickie

RBS exposed at Economic Crime Symposium

Welsh businessman speaks at Economic Crime Symposium at Cambridge University

Bdaily Charlie Fox 7-9-2015

This week the Cambridge International Symposium on Economic Crime will be meeting for its thirty-third year. The University of Cambridge, collaborating with a host of distinguished institutions throughout the world, offers a wholly different experience in addressing these fundamentally important issues and enjoys the support of many government institutions, lawmakers and experts from around the world. This year the symposium is being sponsored by the Serious Fraud Office and over 360 speakers will discuss the impact of economic crime and the current limits of the law.

Welsh businessman Clive May has been invited to speak about the impact of financial misconduct by and in financial institutions and failures of compliance for small businesses.

Clive May ran a building company in Flintshire. The firm went under after Mr May claims RBS Group mis-sold him an EFG loan – a government backed loan. Mr May’s firm had built up the business over 30 years and helped to build the National Assembly’s headquarters in North Wales. Due to the mis-selling of the EFG loan he had to cease trading five days before Christmas 2013 with the loss of 17 staff and 13 sub-contractors from the Mold firm.

In a BBC interview last year, Mr May said that he would have to issue legal proceedings against RBS Group for the losses that he has suffered. Since then Royal Bank of Scotland has admitted mis-selling the government backed loan and the North Wales Financial Crime Unit have visited RBS Group and are investigating the claims against RBS. Mr May is now planning to lead a group action against Royal Bank of Scotland to recover his consequential losses which could be worth about £20 million to the Welsh economy. He is also considering a private criminal prosecution.

RBS chief executive Ross McEwan, who took over in October last year, warned further problems are still emerging from Fred Goodwin’s time in charge. He recently said, ‘”RBS is still paying a heavy price for past misconduct. So, too, are its customers and taxpayers. The scale of the bad decisions during that period [the financial crisis] means that problems are still just emerging.”

A spokesperson for M&M Solicitors in Cardiff, said, ‘mis-selling destroys businesses, lives and communities. We are currently handling over £20 Million of claims for SMEs who have been mis-sold products that have caused them significant losses. These products are very complex and we encourage those who need help to contact us.’

Contact M&M Solicitors for a free review for mis-sold financial products on 0800 – 612 7436

Visit http://www.crimessymposium.org to find out more about the event

 

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