You are here: Home - News -

Select committee chair demands publication of RBS report

  • 07/09/2017
  • 0
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.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
House price boost in August

House prices were up in August on a monthly, annual and, for the first time since March, a quarterly basis.