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Select committee picks duo to review FSA’s RBS probe

The Treasury select committee has appointed Sir David Walker and Bill Knight to review the FSA’s report into the collapse of Royal Bank of Scotland.

The FSA, which agreed the appointments, claims independent scrutiny will ensure the report is seen as a rigorous and transparent account of what led to the bank’s failure.

Last week, it emerged the report, which was originally expected in March, has been delayed indefinitely due to legal wrangling between the bank’s lawyers and the regulator over its tone and content. Under the Financial Services and Markets Act, the FSA is unable to release the report without permission from RBS because it did not take any enforcement action.

Select committee chairman Andrew Tyrie says it is essential that Parliament views the report.He says: “We need to know the decisive mistakes which destroyed RBS, how they came to be made, whether the FSA was asleep at the wheel and whether we can have confidence it is awake now.”

Walker was previously chairman of Morgan Stanley International and was responsible for the 2009 Walker review into corporate governance failure in banks at the time of the crisis.

Knight is a solicitor and is chairman of the Financial Reporting Review Panel.

Last week, Business Secretary Vince Cable slammed RBS for throwing up obstacles to block the release of the report. 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 its frustration about the obstacles put in its way to prevent publication.”

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  1. Julian Stevens 18th May 2011 at 9:29 am

    In all probability, the “tone and content” of the FSA’s report is that everyone else but the FSA is to blame. No surprises there then. And, if that’s the case, then why is no regulatory action against those (allegedly) responsible being taken? Very fishy. Like so much of what the FSA either does or doesn’t do.

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