Watchdog won’t publish RBS report
THE UK’S financial watchdog has refused to publish a leaked report into the scandal at Royal Bank of Scotland’s controversial restructuring unit despite demands for its release by an influential committee of MPs.
Financial Conduct Authority boss Andrew Bailey pushed back after receiving a letter from Tory MP and Treasury Committee chair Nicky Morgan, who raised concerns about a leak to the BBC last month.
Mr Bailey said publishing the skilled persons or Section 166 review — which collects insight about a firm’s activities from third parties — would mean revealing information about the individuals who contributed to it.
The report centres around the conduct of Ulster Bank owner RBS’s Global Restructuring Group. Hundreds of former Ulster Bank customers could be due compensation, after the BBC revealed some businesses within RBS were mistreated.