The FSA plans to keep the outcome of its investigations into HBOS and Bradford & Bingley secret unless it finds wrongdoing, according to reports.
This morning’s Guardian says the FSA investigations into the banks is ongoing and it may never release information uncovered during the investigation.
An FSA spokesman says: “If they lead to enforcement action then it would be usual for the FSA to make these outcomes public if such actions against individual or institutions are successful.”
Last week the FSA said they found no lack of integrity by RBS senior individuals or a failure of governance on the part of the board.
The FSA used section 348 of the Financial Services and Markets Act as a reason not to release the PricewaterhouseCoopers report into events at RBS before it was bailed out to be released.
The Chancellor George Osborne is said to be looking at whether the there is a case to change the law so the report can be released and Liberal Democrat treasury spokesman Lord Oakshott is demanding the report be placed in the parliamentary library and if necessary redacted to protect the most sensitive information.
RBS former chief executive Fred Goodwin is said to be happy for the report to be made public.
Under current FSA rules information from FSA investigations is released at the point of a successful enforcement action but the regulator has come under fire from Which? recently to release data earlier.