News
Danny McCance 13 Oct 2017 01:54pm

Treasury Select Committee presses for publication of RBS report

Nicky Morgan, chair of the Treasury Select Committee (TSC), expressed the need for “maximum transparency” from the FCA in regards to the RBS skilled persons’ report

In a letter to FCA chief executive Andrew Bailey, Morgan included the proposal under which the unredacted report would be provided to TSC appointed advisor, Andrew Green QC, for comparison with the FCA summary.

The report, which the FCA has so far refused to publish, followed claims in 2014 that the Royal Bank of Scotland intentionally “distressed” SMEs by placing them in it’s now defunct restructuring arm, the Global Restructuring Group (GRG).

Morgan has stated that the TSC would use its formal powers to force the publication of the report in the event that the FCA chooses not to follow the proposals.

“In any case, the long-awaited summary should be published as soon as possible. The Committee's review is not a reason for further delays,” Morgan said.

“The FCA has committed to publishing a detailed summary of the GRG report,” a FCA spokesperson said.

“To provide assurance on the summary we previously asked an independent external counsel to confirm that it is a fair and balanced account of the full report’s findings.

They said it welcomed further dialogue with the TSC.

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