Watchdog slammed over RBS report

The City watchdog has been criticised for “completely” losing control of a report into RBS’S mistreatment of small businesses, with MPS now likely to use special powers to publish it in full next week.

It comes after the confidential report into the bank’s now defunct Global Restructuring Group (GRG) was leaked online and shared openly on social media overnight.

Committee chair and conservative MP Nicky Morgan said: “The FCA has completely lost control of the publication process. If the FCA doesn’t publish or provide the report by Friday, it will have breached an order of the House of Commons and may be found in contempt of Parliament.”

If received on time, the committee could make the report public as early as next week after its meeting on 20 February. “

“I will be asking members to agree to publish the final, unredacted report under parliamentary privilege as soon as possible,” Mrs Morgan said.

The committee last week ordered FCA boss Andrew Bailey to release its report into the restructuring arm, only to be told “legal impediments” made it unlikely that the FCA would be able to publish before the Friday deadline.