MPS call for fi­nance watch­dog to pub­lish RBS mis­con­duct re­port

The Scotsman - - Features - By AN­GUS HOWARTH brian.fer­gu­son@scots­man.com

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.”

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