MPS call for finance watchdog to publish RBS misconduct report

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, chairwoman 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 0 Transparency push: Nicky Morgan demanding publication RBS’S controversial restructuring unit.

The FCA has so far refused to publish the report in full, claiming that it would reveal confidential information about individuals, and has instead offered a detailed summary. Ms Morgan said: “The committee wants the maximum possible transparency to be brought to this long-standing issue. With that in mind, it has proposed an arrangement under which it appoints an independent legal adviser to provide assurances that the FCA’S ‘summary’ closely reflects the underlying GRG (Global Restructuring Group) report.

“If the FCA declines this proposal, or if the legal adviser cannot provide the committee with the assurances it needs, the committee may use its formal powers to require the FCA to produce the report.”