Norman Lamb hails ‘breakthrough’ after RBOS Action Group company referred to Canada Police
Liberal Democrat MP Norman Lamb has hailed a "breakthrough" in the case of a fraudster-linked action group after the Ministry of Justice (MOJ) agreed to pass on information to Canada Police.
Lamb, who is a member of the all-party parliamentary group on fair business banking, has been instrumental in pushing the MOJ to hand over documents on the RBOS Action Group company, founded by Gerard Walsh – who was branded a fraudster in a Jersey court – to Canada Police.
The action group company was set up during the financial crisis to bring together RBS shareholders who claimed the bank hid the true state of its finances when it asked them to subscribe to its rights issue in 2008.
In June 2017 the claimants scored a landmark victory when RBS agreed to pay out approximately £200m in an out-of-court settlement.
However, claimants are still waiting to receive their full compensation after it emerged that the action group company had racked up millions in liabilities, which are still being bottomed out.
Lamb told City A.M: "Canada Police has got to take this very seriously. We need to have citizen confidence in the system. If people have been ripped off by a bank and seek the help of an action group it is critical that they can be trusted by people."
Read more: Activists at odds over RBS claims