Unique opportunity for CMCs
– monetising your PPI back-book
About RGL’s Plevin Group Litigation
Although the 29 August 2019 FCA deadline has passed, this does not represent the end for PPI claims. Indeed, all rejected PPI claims and those where a tipping point payment has been made, can be monetised for you and your clients.
RGL has developed a large-scale, multi-claimant Group Litigation to which Claims Management Companies (CMCs) can refer their ‘Plevin’ compliant client base.
To be clear, this is not pursuing claims on an individual basis through the County Courts. RGL’s Group Litigation solution – likely to be in the High Court – has significant advantages for claimants and CMCs alike.
There is no minimum claim value requirement to join a claim to the RGL Plevin Group Litigation.
Our Group Litigation solution will cater for the following profiles of claim:
- ALL previously rejected PPI claims
- ALL under-compensated (‘tipping point’) claims
The RGL Plevin Group Litigation enables CMCs to unlock value from their PPI back-book on a mass claim basis, and over and above mere ‘tipping point’ awards.
RGL Plevin Group Litigation claims will be brought against all major banks and financial institutions, with representation by solicitors, Humphries Kerstetter LLP, a leading City litigation-only practice, which is conflict-free and has the credibility and gravitas required to take on the law firms which financial institutions will undoubtedly appoint.
RGL has already attracted significant interest from dozens of CMCs – sign up is underway. There may be a limit to the aggregate volume of claims RGL will consider, so don’t delay in getting your back-book included.
Why the RGL Group Litigation solution benefits CMCs
There are a number of benefits that RGL’s Plevin Group Litigation provides to CMCs. These include:
- It enables CMCs to accommodate a ‘Two-Tier’ claims referral system
If they choose, CMCs can have ongoing high-value Plevin claims; simply choose which potential claims to run through the RGL Plevin Group Litigation process
- No cherry picking of cases, and no minimum claim value
Unlike law firms using single-case County Court processes and accepting only claims of a certain minimum value, the RGL Group Litigation process will accept both high-value claims and low-value claims that will not be of interest to most law firms
- Higher claim value
RGL will pursue the full refund of the entirety of premium, plus interest
- Top-tier legal team able to take on the banks in litigation
RGL’s solicitors for this action are highly regarded City-based litigation specialist Humphries Kerstetter LLP
- All financial risk removed for CMCs and claimants
RGL put in place litigation funding to fully cover “own” legal spend and ATE insurance against the risk of adverse legal costs
- No capacity limitations
RGL can accept any size of Plevin back book
- No debt chasing of client or law firm
CMCs will receive payment directly from the litigation funder on success
Comparing ‘Plevin’ PPI solutions
|Refer to a law firm||Refer to RGL|
|£ Total claim value||Potential full refund (full premium + interest) across some claims||Potential full refund (full premium + interest) across all claims|
|Eligible claims||Will cherry pick only high value claims above a certain minimum level||Will take all claims regardless of claim value|
|Representation for your clients||Medium tier legal firm||Top tier City litigation firm and leading commercial QC|
|Work required by CMC||
|Scale of litigation||Not scalable. Involves pursuing claims in court on a granular individual claim basis||Built for scale. Involves pursuing all Plevin PPI claims, regardless of claim value, across the entire banking industry|
What CMCs are required to do
- Agree and sign the RGL Introducer Agreement
- Without any obligation and when ready, market the RGL Plevin Group Litigation to existing PPI back book
- Encourage customers to sign up to the RGL Plevin Group Litigation – a single form is required, in either paper or e-signature format
- Claimants in the RGL Plevin Group Litigation remain CMC introducer’s clients (albeit alternative arrangements can be accommodated – please let us know). RGL will only contact claimants for the purposes of the Group Litigation
- Simply transfer a defined customer data-set onto the RGL case management system
In return for referring claims into the RGL Plevin Group Litigation, the CMC will receive a commission of 20% (including VAT), rising to 24% depending on the scale of the aggregate awards.