The Royal Bank of Scotland Group  

FCA to publish report into RBS

FCA to publish report into RBS

The Financial Conduct Authority (FCA) has announced it will publish its report into the conduct of Royal Bank of Scotland's global restructuring group.

The announcement comes in light of RBS telling the Treasury select committee that it would not object to the report being published.

The global restructuring group is a division of RBS that dealt with small and medium sized business customers in the UK.

The bank's behaviour towards some of those businesses has come under scrutiny.

The FCA appointed Tony Boorman, formerly a senior employee of the Financial Ombudsman Service, to investigate claims that RBS forced viable businesses into bankruptcy for its own gain.

Mr Boorman told the Treasury select committee that RBS's denials "don't bear scrutiny."

In a statement released last night (30 January), the FCA said it will publish the report.

The regulator stated it welcomed the statement by Royal Bank of Scotland at the Treasury select committee hearing that they will not object to the FCA publishing the report into the treatment of small and medium-sized enterprise customers transferred to its global restructuring group.

The FCA stated: "On this basis, we are content to publish the report.

"To do so will also require the consent of those who provided the information in the report and any individuals who are identified. We will approach these individuals, once the work on the focused investigation is completed, to ask for their consent to publish."

david.thorpe@ft.com