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FSA to publish more detail over RBS decision, says TSC chair

The FSA is aiming to publish a more in depth account of its decision to clear former directors of Royal Bank of Scotland of any wrongdoing, according to reports.

The Financial Times says Treasury select committee chairman Andrew Tyrie understands the FSA is to “seek permission from RBS to enable the release of more information from this investigation in the public interest”.

He said: “We have to have in the public domain information that tells us how RBS got into this pretty pass.”

It comes after Tyrie wrote to the FSA yesterday asking for a summary of their investigation to be produced, so permission from those included can then be sought.

Previously the FSA claimed it was unable to release details of the probe which found no lack of integrity among senior RBS staff or failure of governence on the part of the board.

Speaking to the BBC last week, FSA chairman Lord Turner said the RBS report is difficult to disclose because it was broken down into numerous parts.

The FT says RBS declined to comment.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Bust banks – The cost to the UK taxpayer is currently around £5 billion a year for interest repayments alone then there is the cost of bailout around £500 billion or so (who really is counting?) and still we are not allowed to see the full report which no doubt is being hastily re-written right now any how. How far away are we from being a broken state? make you own mind up.

  2. It looks like the pressure is definitely on the FSA. Backtracks and U-turns everywhere.

    Although a weak regulator is not usually a good thing, a fair an accountable regulator is.

    Even the FSA’s greatest supporters would struggle to argue that they don’t need to be more accountable for their actions and Mr Tyrie might just be the man for the job.

    I still believe that we won’t get just and fair regulation until we can hold our regulator to account in law.

  3. If the report is difficult to disclose “because it was broken down into numerous parts”, then why not break the report down into numerous parts?

    The FSA is unelected and unaccountable. The moment they are asked for accountability they struggle!

    Tyrie understands the FSA mindset and all you need to do is keep asking why?

  4. Wikileaks cable stating that Sir Phillip Hampton admitted to Diplomats in Sept 09 that RBS Directors had made “enormous mistakes” & “failed in their fiduciary duties” in regard to a number of matters including the failure to carry out due diligence checks on RBS’s takeover of ABN Ambro prior to purchasing the Dutch Bank.

    Yet the FSA call this no lack of integrity??!!

    If an IFA firm made a recommendation regarding an investment, without carrying out or checking due diligence, they’d be suitably reprimanded yet again.

    Look at the tightening of the screw regarding recommending UCIS, when actually most of the funds have made clients money and not been a failure.

  5. BBC reporting RBS have declined to allow the report to be made public.

    No surprise there then.

    Perhaps the report is too close to home and will cause too much embarassment for the RBS (Government).

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