Treasury committee pushes FCA to release RBS report
Financial Times, 18.10.16
The chairman of the House of Commons Treasury Committee has pressured the Financial Conduct Authority to release a long-delayed report into alleged abuses at Royal Bank of Scotland, with an open letter to FCA chairman Andrew Bailey.
Andrew Tyrie, head of the Treasury Select Committee, has asked for details on when the FCA will publish its report into RBS’ Global Restructuring Group, writing that “the longer the delay in publication, the longer that many small firms may have to wait to receive compensation, should that be appropriate”.
Accusations of “systemic abuse” at the bank were made as early as 2013, and the UK’s financial watchdog has been investigating alleged wrongdoing at the GRG since 2014, but the claims have gained a renewed urgency after new reports from BuzzFeed News and BBC Newsnight last week.
The bank has admitted that it “could and should have done better” for some customers following the financial crisis, but has repeatedly denied deliberately causing small businesses to fail.
The FCA’s report was initially expected to be published at the end of 2015. In its most recent update earlier this month, the FCA said it has received the final report but “there are a number of steps” before it can be published, stressing that it is “important that we do not rush the final stages of this process.”
Commenting on his letter, Andrew Tyrie said “the delay in publication means that many businesses will not know where they stand,” with RBS saying it will only consider redress after the FCA has reported. He added that the Treasury Committee will raise the matter again when it meets with Mr Bailey before the end of the year.
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