It came after the Treasury Select Committee (TSC) called for the FSA to publish a comprehensive report on its investigation into the bank’s dealings, in which it found RBS made poor decisions in the run up to the crash.
The FSA planned to publish a report no later than March, but the bank has refused to give its consent, the BBC reports.
FSA chair Lord Turner (pictured) described the situation as ‘extremely unsatisfactory’ in a letter to TSC chair Andrew Tyrie.
The FSA is legally incapable of unilaterally publishing the details of the investigation unless enforcement action is to be taken against RBS.
As it is, RBS must provide consent if the report is to be made public. “RBS has made it plain that it does not wish to provide consent,” Lord Turner wrote.
The FSA chair wrote he wants to publish a ‘lessons learned’ report explaining failures by the regulator and RBS that left the bank in need of a government bailout.
However, this report would not be a ‘blow-by-blow’ account unless RBS concedes, Lord Turner said, and he called on the government to put pressure on the bank.
