CYBG:NAB Remediation Support Group is set up to assist Members in obtaining recompense for damage to their businesses as a result of CYBG PLC mis-selling business loans from 2000.

CYBG PLC Virgin Money Share Price as at dates below.

Friday    10 August 2018 – 353 p per share
Monday 12 August 2019 – 146 p per share     (-60%)
Check the current share price
here. (opens in a new window)

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.

CYBG director share deals here.

CYBG Virgin Money Anne Peters Hunger Striker Banner

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.

Transcript :-

TSC meeting 17 June 14 – Oral evidence David Thorburn & Debbie Crosbie

10 March 2015 Treasury Select Committee – Conduct and Competition in SME lending.

24 October 2018 TSC report – SME Finance, (refer to page 37 paragraph 109 – 110)

2 August 2019 TSC report The FCA – the perimeter of regulation 

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.”

18 October 2019 – Reuters – MPs publish correspondence showing FCA supportive of formal power to redraw perimeter

Some background

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.

Founding Principle

… ‘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 administrator@cybgremediationsupportgroup.com, 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.

CYBG PLC
Floor 15 The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

4 February 2019

Dear Jim / David,

CLYDESDALE BANK

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

SME ALLIANCE – Website for victims of Banks generally

Nab Customer Support Group – website for victims of National Australia Bank & Clydesdale Bank

AUSTRALIAN BANK WARRIORS – Our friends from OZ!

 

Channel 10 News, calls for proper Banking Royal Commission

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.

23 October 2015 – Irish Times – Cerberus set to buy €6.25bn Nama loan portfolio for €800m  

22 February 2018 – Dr Evan Jones – The parlous history of NAB’s Clydesdale Bank (Part 1): Long under the radar.

24 February 2018 – Dr Evan Jones – The parlous history of NAB’s Clydesdale Bank (Part 2)

19 November 2018 – Times – Fair banking plans ‘will not help firms’

3 December 2018 – Times – Financial Ombudsman Service in eye of a new storm, includes OP-ED by Economic Secretary to the Treasury John Glen MP – Tribunal would not be the best option for companies

11 January 2019 – Times – Small firms lose battle for bank dispute tribunal

16 January 2019 – Herald Scotland – Clydesdale berated for ‘browbeating’ small business client

20 January 2019 – Sunday Times – Regulator Andrew Bailey has been toothless over Clydesdale mis-selling

23 January 2019 – Times – OP-ED – Its time small firms got justice from the banks – Jonathan Reynolds
Jonathan Reynolds is shadow city minister

28 January 2019 – Times – City regulator denies failings after leaking whistleblower’s complaints

31 January 2019 – Times – Shareholders rebel against bank chief’s huge pay rise – Patrick Hosking

18 February 2019 – Times – OP-ED – Wide support for a financial services tribunal, act now – Stewart Hosie MP – Member of the Treasury Select Committee

25 February 2019 – CYBG snubbed for RBS funds

8 March 2019 – Times – Victims ‘won’t trust’ bank redress scheme for small companies

10 March 2019 – Mail on Sunday – Ruined property tycoon, 63, hunger strike for £10million ‘mis-sold’ loan 

11 March 2019 – Times – Bankrupt businessman in CYBG hunger strike

11 March 2019 – Mirror – Ex-property magnate to go on hunger strike and live in tent across from bank HQ

11 March 2019 – Daily Record – Former multi-millionaire to go on hunger strike and live on streets in bid to keep home

11 March 2019  OP-ED Companies should be allowed to choose how best to deliver justice – Ned Beale : litigation partner at City law firm Trowers & Hamlins

12 March 2019 – SME ALLIANCE related documents – Press Release

12/13 March 2019 – Financial Times – Jonathan Ford article re Nicky Turner; DRS and McGrory settlement with CYBG

14 March 2019 – Letter to Heather Buchanan from John Guidi to process through to Stephen Jones of UK Finance.

19 March 2019 – Hansard Link to Urgent Question regarding John Guidi ‘Hunger Strike’, asked by Angela Crawley MP in the Commons.

19 March 2019 – Hansard Link to Urgent Question regarding John Guidi ‘Hunger Strike’ in the Lords.

20 March 2019 – The APPG Accepts its Place on the Implementation Steering Group.

21 March 2019 – John Guidi agrees to suspend hunger strike – Scottish Daily Mail.

21 March 2019 – John Guidi agrees to suspend hunger strike – The Times.

22 March 2019 – Letter to David Duffy, CEO CYBG PLC / Clydesdale Bank from Kevin Hollinrake APPG Fair Business Banking.

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

26 March 2019 – Photo of the Leadenhall CYBG RSG ‘cohorts’ at Leadenhall.

28 March 2019 – Reuters UK Lawmaker asks FCA ahead of historic arbitration scheme – This includes the Armstrong case, dated

28 March 2019 – Reuters UK Lawmaker asks FCA ahead of historic arbitration scheme – This includes the Armstrong case, dated

29 March 2019 – Letter to David Duffy from Kevin Hollinrake.

2 April 2019 – APPG ISG Update in relation to the DRS Scheme.

2 April 2019 – Letter to David Duffy from Kevin Hollinrake.

3 April 2019 – Katherine Griffiths article – ‘Small firms can afford to be optimistic about Banks’ dispute schemes’.

3 April 2019 – Times – James Hurley – Big Banks ready to extend Dispute Scheme.

4 May 2019 – William Turvill – Mail on Sunday – Article on Cerberus – Hounds of Hell.

6 May 2019 – Adele Ferguson – NAB facing fresh UK loan refund threat.

7 May 2019 – PARLIAMENT. Hansard – Banking (Consumer and Small Business Protection).

9 May 2019 – Rachel Wolcott – Thomson Reuters – Senior Managers accountable for SME treatment.

CONDUCT, CAPITAL – Half Year 2019 CYBG PLC Earnings Call

23 May 2019 – Reuters – Banks Gamed FCA & SME’s.

7 June 2019 – Letter to Duff & Phelps from APPG Kevin Hollinrake 07/06/2019 re their vexatious conduct towards the Simpsons

19 June 2019 – Reuters – Rachel Wolcott, Regulatory Intelligence, FCA ignored warnings banks would game interest

21 June 2019 Rachel Wolcott, Regulatory Intelligence, Reuters: FCA’s 15-month interest-rate swap redress review to hinder claims, say industry officials.

1 July 2019  – Daily Telegraph – How CYBG boss David Duffy aims to disrupt British banking with Virgin Money rebrand  

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’

25 July 2019  Times  James Hurley :  Walkout threat hits bank compensation scheme for small firms

28 July 2019  Independent  James Moore : Britain’s challenger banks aren’t mounting much of a challenge any more

29 July 2019  Lindsay Rogerson, Regulatory Intelligence, Reuters : UK’s new finance minister told to stick to predecessor’s stance on SME redress

2 August 2019 FT  John McDonnell :  Labour vows to hold public inquiry into UK Financial Sector – as per Australian Royal Commission

2 August  2019 House of Commons Treasury Committee : the work of the FCA : the perimeter of regulation   – Page 6 Paragraph 13  Clydesdale / Yorkshire Tailored Business Loans

4 August 2019 Now I can bale out of RBS, says Kiwi Mr Fixit Ross McEwan

7 August 2019  Lindsay Rogerson, Regulatory Intelligence, Reuters : Historic bank redress scheme in danger of collapse, business leader asks Javid to intervene, Nikki Turner  SME Alliance

18 August 2019 Emma Dunkley : struggling Clydesdale and Yorkshire Banking Group faces fresh hit from PPI   

19 August 2019 Times James Hurley :  Use RBS dividend to compensate small companies mistreated by banks

22 August 2019 Lindsay Rogerson, Regulatory Intelligence, Reuters : Business Banking Resolution Scheme on track for UK Launch at end of year

24 August 2019 – Times – Hunger strike over bank “whitewash”

25 August 2019 – Mail On Sunday – Nationwide Hunger Strikes

25 August 2019 Guardian UK banks face week of hunger strikes and protests

27 August 2019 letter to David Duffy from Stephen Kerr APPG

30 August 2019 MPs back businessman on hunger strike at Clydesdale Bank

31 August 2019 Times MP attacks Clydesdale Bank over hunger striker John Guidi

2 September 2019 – Times – Conflict of interest claim against Financial Conduct Authority in Connaught fund review

2 September 2019 – Times – Alternative lending – “FLOP” – Helps just 800 small companies a year – EST John Glen, MP

2 September 2019 – Times – Clive May; RBS story & EFG 

5 September 2019 – Daily Mail – CYBG shares plunge as it becomes latest bank to be hammered by deadline

6 September 2019 – Times -Sir Richard Branson counts cost as Clydesdale Bank rocked

6 September 2019 – FT -CYBG pays the price for not knowing its share of PPI

6 September 2019 – Irish Times – David Duffy led CYBG’s share plunge

7 September 2019 – Times – Banks accused of forging signatures

7 September 2019 – Daily Mail – Top police chief claims banks are forging signatures on legal documents on an industrial scale as he accuses government agencies of sitting on “overwhelming evidence”.

8 September 2019 – Mail on Sunday – Bank under pressure as granny turns hunger striker

10 September 2019 – Times – Banks’ payouts in PPI scandal will reach £50bn

10 September 2019 – Times – Pressure on National Crime Agency for action over bank forgery claims

10 September 2019 – Times – PPI scandal – The cash cow that turned sour

10 September 2019 – Daily Record – Gran on hunger strike at Clydesdale Bank HQ in Glasgow in loan protest

11 September 2019  – Scottish Daily Mail –  Battling grandmother goes on hunger strike to shame “lying” bank

 

“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.”

16 September 2019 – Reuters – Treatment of vulnerable customers tells FCA much about culture whether firms are meeting its standards

17 September 2019 – Times – Collateral damaging for Bailey

18 September 2019 – Times – It may be too early to draw a line under banks fake signature scandal

22 September 2019 – Mail on Sunday – Alison Rose faces Hunger strike on DAY !, planned for 1 November 2019

1 October 2019 – Thomsons Reuters – Rachel Wolcott – FCA calls vulture fund QC’s use of its legal arguments against vulnerable customer “irresponsible”

2 October 2019 – Australian Finance Review – Billion dollar hit for NAB after ASIC action..the effect on NAB shareholders is a $1,18 billion reduction in full-year profit.

2 October 2019 – Sydney Morning Herald – NAB announces additional costs for customer-related remediation and software capitalisation change.

“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.”

4 October 2019 – letter to Lewis Shand-Smith from Kevin Hollinrake regarding BBRS

5 October 2019 – Mail on Sunday – JEFF PRESTRIDGE – Wake up… and do your job Financial Conduct Authority

8 October 2019 – Reuters – BBRS scheme update

10 October 2019 – CITY AM – HMT – TSC – Regulatory perimeter

11 October 2019 – Reuters – HMT – TSC – Regulatory perimeter

11 October 2019 – Times – Financial Conduct Authority to be denied extra powers

12 October 2019 – Times – Business commissioner Paul Uppal leaves over conflict of interest

14 October 2019 – Times – storm clouds gather over banks bid to make peace

14 October 2019 – FT – Opinion Inside Business – Accounting – prudence

15 October 2019 – Salisbury Journal – John Glen constituency office

15 October 2019 – Mortgage Solutions – Mortgage prisoners talking directly with lenders to find solutions

16 October 2019 – Reuters – Australia’s NAB doubles compensation pot,dividend cut, capital raising possible

17 October 2019 – FCA response – TSC regulatory perimeter

17 October 2019 – Times – Watchdog frustrated by inaction on new powers

18 October 2019 – Reuters – TSC on FCA perimeter

28 October 2019 – Times – Andrew Bailey interview – SMEs

31 October 2019 – Reuters – UK TSC chair’s company counts big banks as customers

1 November 2019 – Reuters – BBRS will shape small business customers treatment, bank culture, says scheme chief

1 November 2019 – SME Alliance Press Release

4 November 2019 – APPG FAIR BUSINESS BANKING – PRESS RELEASE – Chancellor agrees to take up APPG concerns over BBRS eligibility

18 December 2019 – JOHN GUIDI SCOTTISH HUNGER STRIKER APPLICATION FOR PUBLIC AGM OF NAB

 

Link to Cerberus / Promontoria page.