FCA Urged to Release the Report into RBS Turnaround Unit – 7th September 2017
Britain’s financial regulator is facing growing pressure to release a leaked report about Royal Bank of Scotland that alleged many companies suffered from “inappropriate action” by its Global Restructuring Group unit. Nicky Morgan, who chairs parliament’s Treasury Select Committee, wrote to Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), in a letter released on Thursday asking him to release the long-delayed report. The Federation of Small Businesses also backed Morgan’s call for the report to be released on Thursday. The All Party Parliamentary Group for Fair Business Banking has also demanded the report be released. The FCA last year published a summary of the initial findings of an investigation that cleared RBS of the most serious allegation that the bank systematically killed off healthy businesses for profit. But the full report, seen by the BBC, found struggling companies placed in the restructuring unit had a slim chance of emerging.
Andrew MacAskill, Reuters