7th April 2020 – slow burn LAUNCH – Banking Victims For A Future 2020 + (BVF2020+) From today we will only publish occasional relevant articles as this website is now in maintenance mode.
Sat 4 April – “Definition of “Madness”
Sun 5 April – Perceptions and Learning
Mon 6 April – “For those who Dare”
Wed 8 April – Credibility makes a Difference
NAB+Virgin Money Remediation Support Group is set up to assist Members in obtaining recompense for damage to their businesses as a result of Clydesdale and Yorkshire Banks mis-selling business loans from 2000. We are a founding member of Banking Victims For A Future 2020 +
Virgin Money PLC (VMUK) Share Price as at dates below.
Friday 10 August 2018 – 353 p per share
Wednesday 30 January 2019 – 184 p per share (2019 AGM)
Monday 12 August 2019 – 146 p per share (-60%)
Thursday 30 January 2020 – 176 p per share (2020 AGM)
On the SAME day CYBG CEO David Duffy sold circa £272K in shares AND received circa £564K in gifted (cost to him £0) shares (this after selling c £345K in shares on 18 February 2019 and received circa £725K in gifted shares (cost to him £0).
David Duffy CYBG CFO colleague Ian Smith sold circa £84K in shares AND received almost circa £169K in gifted (cost to him £0) shares (this after selling circa £106K in shares on 18 February 2019 and received circa £218k in gifted shares (cost to him £0).
This is after the Melbourne AGM on 30 January 2019 had 34.2% vote against the remuneration.
Virgin Money UK-NAB Remediation Support GroupFollow
CYBG Remediation Support Group focus is to help SME victims mis-sold toxic loan products by Clydesdale & Yorkshire Bank, now rebranded as Virgin Money PLC
In Parliament / Regulator
17 June 2014 David Thorburn (CEO Clydesdale) and Debbie Crosbie (Executive Director of Customer Trust and Confidence, NAGE) gave evidence to the TSC enquiry at Portcullis House, Westminster at 10.00am.
The Treasury Committee and the perimeter
13. Concerns about the perimeter and its complexity have featured in the work of previous Treasury Committees. The Treasury Committee in the 2010–15 Parliament concluded in its Report Conduct and competition in SME lending that so-called Tailored Business Loans (TBL) sold by Clydesdale bank had specifically been designed with the perimeter in mind:
From the point of view of the customer, the services provided by the hedging element of a loan with an embedded interest rate hedging facility—such as a Tailored Business Loan—and a stand-alone IRHP [Interest rate hedging product] are extremely similar, if not identical. But stand-alone IRHPs are regulated, while loans with embedded interest rate hedging facilities are not. It is a logically inconsistent result of the perimeter of regulation that products whose effects may be identical fall on both sides of the perimeter.
Clydesdale understood that TBLs were unregulated. It created TBLs to avoid requirements imposed by the regulator on the sale of a regulated product, IRHPs. It claims that this was to simplify the associated documentation and to make the product easier for customers to understand. The use of TBLs has left regulators powerless to enforce compensation for customers to whom products were mis-sold, as they have done with IRHPs. Clydesdale created a product that retained the risks and complexities of the regulated product but had none of the safeguards. 11
14. Issues around the perimeter have also been present in the work of the current Treasury Committee. The following list provides examples of topics the Committee has considered or queried that have elements of perimeter complexity to them:
- RBS’ Global Restructuring Group (GRG), and the wider issue of SME lending.
- ‘Mortgage prisoners’ (those who face barriers to switching their mortgage).
- The failure of London Capital and Finance, and wider questions around the regulation of so-called ‘mini-bonds’.
- The regulation of Cryptoassets.
- The regulation of Funeral plans.
15. Many of these issues have seen significant harm done to consumers and small businesses. For example, in the course of its work, this Committee has heard first hand the considerable distress to SME owners brought about by RBS GRG. In part, it led this Committee to initiate its wider inquiry and Report into SME Finance. Subsequently, there has been widespread disappointment at the FCA’s inability to take action following its publication of its Report on the Financial Conduct Authority’s further investigative steps in relation to RBS GRG, due to the constraints of the Perimeter.12 Mr Bailey, when asked whether he would recognise that “there will be individuals out there who feel they have not had justice?”, replied “Yes, but I cannot operate outside the law. I am sorry”.13
16. The perimeter of regulation, as has been seen in the Committee’s work, appears to be confusing for consumers of financial services, whether they be individuals or small businesses. In fact, that lack of understanding may well be preyed upon. Some firms may also deliberately game the perimeter to undertake regulatory arbitrage.
17. Care needs to especially be taken where regulated financial institutions are undertaking an activity that is itself unregulated. Often the realisation that an activity is unregulated comes only after problems emerge, and the regulator’s lack of power becomes apparent to those affected.
18. The Committee recommends that where regulated financial institutions undertake unregulated activity, the regulatory system should ensure that clear and explicit warnings are provided at that point, with the potential consequences of the lack of regulatory cover clearly explained, with sanctions for firms that fail to do so. HMG / HMT response to the report is outstanding.
HMT response to Regulatory Perimeter report on 10 October 2019 Interim Chair Catherine McKinnell said “It was disappointing <..> that the Government does not see the case for providing a formal power for the FCA to request changes to the perimeter.”
In the FCA’s response, which the Committee received on the 14 October and has published today, Andrew Bailey, Chief Executive of the FCA, said: “We share the Committee’s view that there could be a more structured and transparent approach for identifying and engaging with HMT on perimeter changes. This could allow for a regular opportunity to consider what activities are covered by regulation, and hence transparency surrounding changes to the FCA regulatory perimeter.”
Commenting on the FCA’s correspondence, Ms McKinnell said:
“The Treasury Committee has recommended that the FCA is given the formal power to suggest changes to the Government over what it regulates, which could help the FCA to protect consumers.”
“Disappointedly, yet perhaps unsurprisingly, the Government rejected our recommendation, opting instead to keep the opaque system as it is.”
“The independent FCA, on the other hand, shares our view, rather than the Government’s that a more formal or structured approach would provide greater transparency to the process”
“The Committee awaits the work promised by both the FCA and the Government, and we will continue to raise these issues in our evidence sessions.”
31 October 2017 Brian Little email exchanges with SS – then Parliamentary aide to John Mann MP
SS – Great re John’s Perimeter Question / comment at TSC this morning, following our discussion and sight of the attached letter from my MP Jim Shannon
Hi Brian, “Yes—the main committee sent it to us as part of their briefing back on Friday. Hope that you felt the questioning covered good ground.”
Q50 John Mann: ………………. One final question/request is that you referred earlier to things being outside the regulatory perimeter. I have heard that before from you and your predecessors, and indeed on a totally separate issue with the Advertising Standards Authority, which is in similar dialogue over your powers in terms of currency exchange.
Andrew Bailey: That is not a perimeter issue.
Q51 John Mann: It is indeed. It is an entirely different aspect. In terms of my question, would you be prepared to provide to this Committee—and it might take some time, but we are not in a rush—the precise areas of powers that you do not have that it would be useful for this Committee to consider whether you should have, both in relation to the GRG issue and what you describe as being outside the regulatory perimeter, but perhaps for other issues as well? That is something that we have never had. It is a big piece of work but, for a new Committee coming into a five year Parliament — possibly, legally, that is our presumption and our mandate is for five years—it would be significantly useful to the work of this Committee. I am not asking you which ones you desperately think you should have, and we might come back to you on that of course, but which ones you do not have so that, when you are saying, “We cannot do it,” be it in correspondence or be it in exchange, we are clear, so we can think through what our responsibilities and powers are to change that.
Andrew Bailey: The answer to that is yes. I agree with you it is a good idea. It is a good idea also because, as I said earlier, it has changed in interpretation as a result of the senior managers regime, which we are still introducing by the way, because we have a very big roll-out of that to the non-bank world next year, so I agree with you. We know the case we are talking about. The issue with the Advertising Standards Authority is we do not think we have the power to enforce their decision. It is not really a perimeter issue.
John Mann: I am sure in a future meeting we will come to that. The Chair would rule me out if I went on to that now, although it is a very important issue. I would need several questions, so I will defer that.
… ‘Australia needs stability in its banking sector. So does Britain. To bring it about, banks everywhere need to do far more to truly act in their customers’ interests, as opposed to being as aggressive as possible over issues such as remediation for past wrongs… Will it happen? Sadly, I doubt it.’…
Katherine Griffiths is Banking Editor of The Times UK – 23 Jan. 2019
As a strategic business opportunity, indeed necessity, we challenged the CYBG PLC Chairman, CEO and Board directly at their recent AGM to prove Katherine’s well-founded scepticism wrong and truly set CYBG out as a different UK Bank now!
CYBG Remediation Support Group presents our latest video clip which includes extracts from the Clydesdale Bank (CYBGPLC) 2019 shareholders AGM in Melbourne, Australia on 30 January 2019, including a significant and important business strategy presentation by the Chair Jim Pettigrew and CEO David Duffy.
Also included is some media coverage in the few days before and after the AGM. Mr Ian Lightbody from NABCSG makes some comments and poses three questions during Q&A as well as a number from Australian Bank Warriors.
Towards the end of the video clip (42 mins), you will hear Jim Pettigrew refer to meeting Ian Lightbody after the AGM, which took place with the Australian Bank Warriors, one of whom recorded the discussion which can be heard here and a transcript of the discussion, here.
Underpinning some of those CYBG answers at the AGM are the supplier code of conduct, published on the CYBG website on page 6, (PDF Link here).
‘We value integrity, fairness, honesty, respect, consistency and collaboration as the hallmarks of good relationships’.
The CYBG Remediation Support Group expects Members to reciprocate the conduct and behaviour they encounter at all levels of CYBG PLC.
If you are a victim of Clydesdale Bank or Yorkshire Bank (CYBG PLC) then please contact us via email to firstname.lastname@example.org, scanning any of your loan facility letters to verify your identity.
A crucial letter was sent after Mr. Ian Lightbody returned home to Glasgow after the 2019 AGM. That 4-page letter is in the Members section…..now released HERE (CLICK ON THIS LINK) prior to the FCA Public Meeting on Wednesday 17 July 2019 at 9.30 am in London.
1) Pettigrew Esq. Chairman. 2) Duffy Esq. CEO.
Floor 15 The Leadenhall Building
122 Leadenhall Street
4 February 2019
Dear Jim / David,
Message from Andrew Bailey FCA CEO for the CYBG Remediation Support Group inaugural meeting:
“The FCA is firmly in support of satisfactory resolution of past cases involving banks and small firms, including tailored business loans. We agree that the framework proposed by the Walker Review should be developed to provide effective arbitration and resolution which is independent and fair. It is important that the design and oversight of these arrangements reflect the views of all parties.”
Message from Jim Shannon, MP for Strangford, (DUP), for the inaugural group meeting, can be found in the members’ area.
In the newspapers / Useful Links for CYBG Bank Victims
Kenneth Hayne QC provided the Royal Commission the banks wanted. He only looked into simple matters that the banks already admitted to. He failed to look into complex misconduct matters that the banks are still not admitting to. The Final Report is littered with errors. The CBA unconscionable foreclosures of Bankwest small business customers needs to be investigated at a proper Banking Royal Commission. Commissioner Kenneth Hayne’s errors will be highlighted at this new Commission, so that no future Royal Commissioner performs as poorly.
22 March 2019 – Transcript of the meeting with the Press Association after CYBG meeting on Friday 22nd March at 7.15pm – photo of the three of us
21 June 2019 Rachel Wolcott, Regulatory Intelligence, Reuters: FCA’s 15-month interest-rate swap redress review to hinder claims, say industry officials.
David Duffy: ‘It’s a tough thing to do but you’re building something that could be very disruptive and irritating for the other big banks, which fills me with great pleasure’
“Speaking yesterday as she began her second day outside Clydesdale Bank’s headquarters in Glasgow, she said : I’ll continue with the hunger strike as long as it takes”
Then in a Mail on Sunday 22 September 2019 extract “It is understood that Financial Conduct Authority boss Andrew Bailey took a personal interest in the hunger strikes and helped to persuade protestors to stand down.”
“NAB now has in place provisions for the estimated costs and customer payments relating to all known customer-related remediation matters based on information currently available. However, until all customer payments have been completed , the final cost of such remediation matters remain uncertain.”
7th April 2020 – slow burn LAUNCH – Banking Victims For A Future 2020 + (BVF2020+)From today we will only publish occasional relevant articles as this website is now in maintenance mode.