Watchdog dismisses calls for RBS report

15 Septembre, 2017, 10:50 | Author: Marc Bacque
  • A worker cleans the glass exterior next to the logo of RBS bank at a building in Gurugram on the outskirts of New Delhi India

"I believe that we are near to reaching a conclusion on whether a formal investigation is called for, having undertaken work to build on the S166 report, Bailey said".

Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said the public interest was not "best served by us publishing the full report" into the activities of the Global Restructuring Group (GRG).

But the RBS-GRG Business Action Group, which represents more than 500 affected businesses, is taking legal advice regarding a potential judicial review of the FCA's decision not to publish the report.

"The report is now in the hands of an unknown number of third parties". They are conducted on the basis that there is no intention to publish, and it is our view that this greatly facilitates the efficiency of the process.

"The committee recognises that such reports are not intended for publication, and should in normal circumstances remain confidential".

"However, I recognise that the public interest justifies greater disclosure of material".

Bailey will appear before the committee in one of its first hearings next month, and it is expected that MPs will use the rights available to them to force Bailey's hand and release the report.

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She added: "If closure is ever to be brought to this long-running issue, Parliament and the public need the account ordered by the regulator".

In an escalation of the row, Nicky Morgan, chairwoman of the Treasury select committee, responded by saying "the public interest in publication in this specific case is overwhelming". The activities of RBS's Global Restructuring Group and its rogue bankers did enormous harm to the British economy.

"The effective management of sensitive information is something I take very seriously", he said.

"Thousands of people who livelihoods, jobs and businesses were destroyed by RBS desperately want this report published".

The committee has the power to demand the report, which it could then publish, but it has not resorted to this. "The only person who doesn't want this report published, it seems, is Andrew Bailey". If he finds it distasteful to share his organisation's findings with the public, he should step aside.

Mr Bailey said the FCA has asked external lawyers to ensure the summary is a "fair and balanced" account of the report's findings, adding that the report is almost ready for publication.

The FCA published a "high-level" summary a year ago, and permission from RBS and Promontory would be needed before publishing the detailed summary. "I am therefore, like you, concerned at the claim by the BBC that it has seen a copy of the report".

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