Samedi, 21 Octobre 2017
Dernières nouvelles
Principale » Treasury committee threatens FCA in battle over Royal Bank of Scotland report

Treasury committee threatens FCA in battle over Royal Bank of Scotland report

13 Octobre 2017

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 warned the FCA that if its summary of its finding was not satisfactory then the Treasury Committee will ensure full publication.

In her latest letter to Mr Bailey, Ms Morgan said the FCA has "lost the confidence of many former GRG customers" by so far failing to disclose key details in initial summaries of the report. According to the BBC, 92% of "viable firms" that ended up in the GRG were mistreated in some way.

Nicky Morgan, chair 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 RBS's controversial restructuring unit.

"In any case", Morgan added, "the long-awaited summary should be published as soon as possible".

Bailey argued that public interest would not be "best served by us publishing the full report".

François Hollande donnera sa première conférence en Corée du Sud
Il s'agira sûrement plus d'un pied-à-terre dans la capitale, puisque l'ex-chef de l'État doit emménager dans son fief, en Corrèze. Pourtant, l'ancien chef de l'Etat s'apprête à faire tout le contraire.

The FCA has said that reports of this kind were compiled on the understanding they won't be published.

The FCA said today it has already asked an independent external counsel to confirm that the watchdog's summary is a fair and balanced account of the full report's findings.

The regulator added "We welcome further dialogue with the TSC on providing assurance about the publication of the summary".

RBS has said the FCA made it clear the small companies transferred to GRG were "exhibiting clear signs of financial difficulty" and that in a "significant majority of cases, it was likely RBS's actions did not result in material financial distress".

Treasury committee threatens FCA in battle over Royal Bank of Scotland report