MPs pile on pres­sure to see re­port into RBS

The Courier & Advertiser (Perth and Perthshire Edition) - - NEWS -

An in­flu­en­tial com­mit­tee of MPs is ramp­ing up pres­sure on Bri­tain’s fi­nan­cial watch­dog to pub­lish de­tails of mis­con­duct at Royal Bank of Scot­land – and has threat­ened to use “for­mal pow­ers” to de­mand pub­li­ca­tion of a leaked re­port.

Nicky Mor­gan, chair of the Trea­sury Select Com­mit­tee, has writ­ten to Fi­nan­cial Con­duct Author­ity (FCA) chief ex­ec­u­tive An­drew Bai­ley propos­ing to ap­point An­drew Green QC as an in­de­pen­dent le­gal ad­viser to com­pare the reg­u­la­tor’s im­pend­ing sum­mary with the un­der­ly­ing re­port into the scan­dal at RBS’s con­tro­ver­sial re­struc­tur­ing unit.

The FCA has so far re­fused to pub­lish the re­port in full, claim­ing it would re­veal con­fi­den­tial in­for­ma­tion about in­di­vid­u­als, in­stead of­fer­ing a de­tailed sum­mary.

In the lat­est twist in the saga, Ms Mor­gan said if the FCA re­fuses the pro­posal for in­de­pen­dent le­gal scru­tiny of the sum­mary, or if the le­gal ad­viser does not pro­vide the nec­es­sary as­sur­ances, the com­mit­tee may look to force the FCA to pub­lish.

She said: “The com­mit­tee wants the max­i­mum pos­si­ble trans­parency to be brought to this long­stand­ing is­sue.

“The com­mit­tee may use its for­mal pow­ers to re­quire the FCA to pro­duce the re­port.”

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