The FSA’s report into the collapse of Royal Bank of Scotland has been delayed indefinitely because of a three-way legal battle between the regulator, senior politicians and RBS’s lawyers, according to reports.
In December FSA chairman Lord Turner wrote to Treasury select committee chairman Andrew Tyrie saying the regulator would aim to release a version of the report by the end of March.
The Financial Times says RBS’s lawyers are concerned some passages could expose the bank to further litigation, particularly in the US, with former RBS’s head of investment banking Johnny Cameron also raising several objections.
Tyrie wrote to Turner in December calling for a version of the report into the bank which is 83 per cent state owned to be released.
The FSA is now lining up an independent arbiter to vet the report for thoroughness and accuracy and the committee’s chairman, Conservative MP for Chichester Andrew Tyrie was tipped in a Sunday paper to take the role.
The FSA say Tyrie is an unlikely candidate, with senior lawyers and accountants also being considered for the role, according to the FT.