What has happened at the Royal Bank of Scotland?
Ahead of the January 2019 deadline the Royal Bank of Scotland Plc has made changes to its structure, to comply with the UK ring-fencing legislation.
The ring-fencing legislation requires each large UK bank to separate their core retail banking services (such as current and savings accounts) from their investment and international banking activities.
Anna Barnes, Head of Dispute Resolution
In March 2018, the Court of Session in Scotland approved RBS’s proposals and the first part of RBS’ Ring-Fencing Transfer Scheme became effective on 30 April 2018.
As a result, on 29 April 2018, The Royal Bank of Scotland Plc (Company No: SC090312) was renamed ‘NatWest Markets Plc’ and ‘Adam & Company Plc’, a trading division of RBS, (Company No: SC083026) was renamed ‘The Royal Bank of Scotland Plc’.
As from 30 April 2018, certain personal, private, business and commercial businesses transferred to ‘The Royal Bank of Scotland PLC’, previosuly ‘Adam & Company Plc’ (Company No: SC083026).
In August 2018, there was a second RBS Ring-Fencing Transfer Scheme, relating to interest rates and foreign exchange derivatives.
Do you need to take action?
You may need to take action if:
- You have ongoing proceedings against The Royal Bank of Scotland Plc and/or
- You have an ongoing claim within the RBS Global Restructuring Group Compensation Review Scheme and/or (see our previous blog here for further information on this)
- You are about to commence a claim against The Royal Bank of Scotland Plc and/or
- You currently have a Standstill Agreement in place with The Royal Bank of Scotland Plc and/or
- You are about to enter into a Standstill Agreement with The Royal Bank of Scotland Plc.
You may need to take this action to ensure that your claim is against the correct legal entity or any agreement to extend limitation is with the correct legal entity.
If you make a claim against the wrong company and need to amend this, limitation may have expired in the meantime, so you may lose the right to bring a claim.
A similar scenario will also apply to proceedings against other banks who are also subject to the ring-fencing transfer scheme.
For more information please contact Anna Barnes, Head of the Dispute Resolution Team on 0161 475 7655.
