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FSA could release RBS report by March

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The FSA could release a summary of their investigation into the failure of Royal Bank of Scotland and their supervision of the bank by March next year.

Responding to a letter from Treasury select committee chairman Andrew Tyrie, FSA chairman Lord Turner says the regulator would like to produce a report and is calling on the Government and the TSC to support requests to RBS for permission to use information gathered during the investigation to produce the report.

In his letter to Tyrie he writes: “We do not believe it would be appropriate to publish this in full, but now propose that we ask RBS whether it is willing to give its permission for the FSA to use the information gathered as a key input into the development of a report. It would be useful if the TSC and Government could express support for this course of action.”

Turner says he does not expect a “blow-by-blow account” but a clear description of any key failings, whether related to FSA supervisory processes or decisions made by the board and executives at the bank.

It comes after Tyrie wrote to Turner asking for a summary containing as much information as possible to be produced with a view to possible future publishing in the public interest.

Turner writes: “There is a legitimate public interest in simply knowing the story of what occurred and why taxpayer rescue was required.”

He calls on Government to consider introducing legislation to enable the Prudential Regulation Authority to publish full analysis of the causes of any bank failure or rescue, drawing openly on supervisory investigation material which would normally be subject to confidentiality constraints.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Why so long?

    Could it be because it is being re-written to avoid any nasty references to failures by certain individuals who don’t want their names being disclosed in the name of “data protection” ?

    I wouldn’t trust the report after such a long time and delay, just seems too fishy for me, especially as we know it has already been prepared and seen by some select individuals, and yet the FSA can do what it likes. Even our elected Government can’t force them to show it “right now”, it has to be when the FSA want to show it, how ridiculous is that?.

    Given all staff at the FSA are protected from any wrong doing ubder FSMA 2000, they have nothing to worry about, unlike the rest of us.

  2. Why is it comments from Lord Turner, Sants and Hoban always sound as if they are looking after the banks interests and not the public? The tax payer bailed them out and have a right to know why this was required.
    I would be interested if there is any truth that had bankers taken a 10% annual reduction in bonuses in the ten years leading up to the crisis this issue would not have occurred. I would also be interested in current bonus levels and what impact this currently holds for consumers. Somehow I doubt any of the above named would be pressing for this when a review of the Banks and Financial Services what pledged during the last elections.
    ” but now propose that we ask RBS whether it is willing to give its permission for the FSA to use the information gathered as a key input” what a load of tripe and I hope the government do not accept this watered re-hash. He already has a report and he should print it immediately and in full and un-doctored. If Sants and Turner want to restore faith in financial services they should resign and let a less bias direction take root. News flash – this won’t spin either!

  3. March? 3 months to rewrite it all and shred the real one?
    Corruption is all around us.

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