Magnus Swanson, the Chief Executive of Maclay Murray Spens has moved to dismiss reports that the company was no longer receiving instruction from Bank of Scotland.

Swanson told The Firm that there is no truth in the reports, which claimed that redundancies across the company were likely.

"It is absolutely factually incorrect. They are one of our biggest clients. We are doing a large number of ongoing transactions for them," Swanson said.

"We have not, to my knowledge, to the client care partners' knowledge, to the many lawyers who are working currently on Bank of Scotland or Lloyds Banking Group work, been removed or are about to be removed from any instruction. It is completely not true, in the plain English sense."

Swanson also said that no redundancies were being contemplated at the company at this time.