City watchdog refuses to publish RBS report

The City watchdog has handed over its report into Royal Bank of Scotland’s mistreatment of small businesses to MPS, but has decided not to make it public.

Andrew Bailey, head of the Financial Conduct Authority (FCA), was last week ordered by Treasury Select Committee chairwoman Nicky Morgan to release the report into Global Restructuring Group, the lender’s controversial restructuring arm.

But yesterday, Mr Bailey said that “publication by the FCA has proved impossible” for legal reasons.

It comes after the FCA was heavily criticised for “completely” losing control of the review, which was leaked online and shared openly on social media overnight.

Mr Bailey added: “It is regrettable that the report has been leaked but this does not allow us to publish. I do want to make it clear that it is not our intention to frustrate or impede the work of the committee.”