Business Secretary Vince Cable has slammed Royal Bank of Scotland for setting up obstacles aimed at blocking the release of an FSA report into its collapse.
Yesterday it emerged the report which was originally expected in March has been delayed indefinitely because of legal wrangling between the bank’s lawyers and the regulator over its tone and content.
RBS lawyers say the report could expose them to litigation, especially in the United States, but Cable says a comprehensive report should be released quickly.
He says: “There is a clear public interest in a comprehensive report being delivered to Government as soon as possible. My department is speaking to the FSA about the delay and shares their frustration about the obstacles put in their way to prevent publication.”
However, in response to a request from Treasury select committee chairman Andrew Tyrie, FSA chairman Lord Turner said in December that the FSA could release only a “summary” of their investigation.
Prior to Tyrie’s intervention, the FSA had refused to publish details of its investigation in to the collapse of the bank which is now 84 per cent owned by the tax payer.