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Select committee chair demands publication of RBS report

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  • 07/09/2017
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Select committee chair demands publication of RBS report
The chair of the Treasury Select Committee has demanded that regulators publish their full report on the treatment of customers in RBS’s Global Restructuring Group (GRG).

The call follows the leak of the Financial Conduct Authority’s (FCA’s) ‘skilled persons report’ on the GRG’s treatment of customers from 2007 to 2012.

The business support unit for troubled businesses handled over 12,000 businesses during this period and is alleged to have artificially distressed viable businesses, most of which did not recover.

Committee chair Nicky Morgan (pictured) has written to FCA chief executive Andrew Bailey to demand the full report conducted by Promontory Financial Group and Mazars on behalf of the FCA is made public.

“The FCA told the Committee in November 2016 that a ‘full account’ of the findings from the skilled persons’ report would be published. Nearly a year later, and nearly four years since the report was commissioned, we are still waiting for answers,” she said.

“The report itself is now in the hands of an unknown number of third parties. The FCA now has no control over the timing or content of further public disclosures from it.

“The balance has tipped firmly in favour of full publication. I have written to Mr Bailey to urge him to secure the approval of RBS to do so, without delay.”

Regulator’s response

The FCA said it would respond in ‘due course’ to the Treasury Select Committee’s request.

“We have already initiated a leak inquiry into the disclosure of the s166 report on RBS GRG to the BBC, and we have asked the other parties who had access to the report, namely RBS and Promontory, to do the same.

“If the Treasury Select Committee or the BBC have evidence that the document was leaked by the FCA, we encourage them to share that with us.”

Morgan said she had asked the FCA to update the committee on any information the FCA uncovers on the leak as part of its inquiry.

“This would not be the first instance of leaking from the FCA, but lessons must be learned to ensure it is the last,” she added.

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