RBS failings ‘whitewash’

BANKERS who oversaw a disastrous business turnaround unit at Royal Bank of Scotland have had their identities protected by the City watchdog.

The global restructuring group (GRG) was intended to support failing firms in the financial crisis but a Financial Conduct Authority inquiry uncovered a litany of failings that hurt firms it was meant to help.

The regulator is considering ‘further action’, possibly meaning fines against the bank or some of staff but despite listing problems in a summary report published yesterday, it has refused to identify those responsible.

Campaigners say bankers involved in the GRG must be named, held accountable and subjected to scrutiny.

RBS apologised for mistakes made but said the report cleared it of the most serious allegations. It would not say if any of those responsible still work at the bank.