I refer everyone to the point made below in Newsletter 32 - August 2008

 7 Restriction of liability clauses

We are aware that some banks have been insisting on altering clauses restricting the liability of professional trustees such that the restriction does not apply in cases of negligence or fraud. One such bank is currently changing its stance as a result of queries from a number of AMPS member firms, put forward by AMPS.

If you have similar troubles with banks we would be interested to hear from you.

We currently experiencing real difficulty with RBS who

a) are insisting that they will not amend the clause which currently states "in the absence of fraud or negligence of the professional trustee" and

b) to our great disappointment have put it to our client that he switches professional trustee to a firm that is willing to sign the agreement with the clause as it is. Moreover they have even named a couple of well-known firms who (they claim) are happy to sign.

To be fair this restriction has appeared over the years in NatWest/RBS doucments from time to time but thay have always backed down when we refused to sign. They are now saying it is not negotaible.

Has anyone had a similar experience and do they have any ideas or tips (e.g contact details for someone at the bank who is aware and understands these issues) for how to get this resolved?

Many thanks