FSA to report on RBS
THE City watchdog yesterday caved in to pressure and agreed to publish a report into the collapse of Royal Bank of Scotland.
Financial Services Authority (FSA) chairman Lord Turner promised to produce a report by the end of March, subject to consent from the bank and individuals involved.
He said: “Until now RBS has made it plain it does not wish to provide consent.” However, sources said the FSA had not approached RBS for permission.
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In a statement, the bank said it had no objections to a report provided its commercial interests were not threatened.
Turner said the report would be based on an investigation that resulted in a statement saying there was bad judgment but not criminal wrongdoing.
Responding to a call from the Treasury, Turner said the report would not be a “blow-by-blow account but a clear description of key failings, whether related to FSA processes or to the decisions made by the board and executives”.
A report cannot be published immediately because the results of the investigation are simply a collection of files.