View more on these topics

TSC chair calls on FSA to produce RBS report

The chairman of the Treasury select committee has written to the FSA asking for a summary of the investigation into the collapse of RBS to be produced.

This comes after 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 governance on the part of the board.

TSC chairman Andrew Tyrie says: “It is in the public interest that as much as possible of the findings of this investigation be made public. It is crucial we learn the lessons from the catalogue of mistakes which necessitated a huge tax-payer funded bailout; not least for the assistance it may provide in getting regulation right for the future.

“The FSA has not been able to release the findings of their investigation into RBS. The Financial Services and Markets Act restricts publication of details relating to individuals without their consent. The FSA have assured us they have conducted a thorough investigation. We need to see it.”

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.

Tyrie says once the report is compiled, those individuals included in it can be approached for permission for it to be released.

The FSA says it will respond to Tyrie directly.

Earlier this month it was reported the Treasury has ordered a review of FSA rules on disclosure because of its inability to publish the report.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 10 comments at the moment, we would love to hear your opinion too.

  1. Given they have probably re-written it by now to exclude any damaging info I doubt it will mean a lot now.

  2. Re Michael Fallas comment……highly plausable, I get the feeling the FSA’s intergity is similar to FIFA

  3. What good is a report that allows those mentioned to exclude themselves from it?

    If we could all do that no one would be to blame for anything?

    How many of those mentioned I wonder are FSA staff who failed to do their jobs?

    Personally I wouldn’t believe anything from the FSA as I have lost all faith in them and don’t believe any organisation or body should be protected from their own wrongdoings as the FSA and their staff are.

  4. “No failure of governance on the part of the board.”

    So this means it can all happen again!

  5. I am really starting to like Mr Tyrie!

  6. Michael Fallas – I agree with you.
    But perhaps the TSC is beginning to see what the problems are and perhaps they can start to address them?

  7. Makes you laugh really.

    The Government has to ask the FSA for a report which it refuses to provide.

    Who runs the country our Government which we lected or the FSA which was not elected but the previous Government protected from any wrongdoing?

  8. Mr Fisher

    I wish I had your faith in the TSC, which on the face of it looks very encouraging, but my guess is they will be “got at” by those with vested interests and thus end up being fairly ineffective and powerless.

    The FSA and it’s staff are immune from being prosecuted for any wrong doing under FSMA 2000 so they have little to fear.

  9. This is what is says in the Financial Services and market Act 2000.

    “102 Exemption from liability in damages.

    Neither the competent authority nor any person who is, or is acting as, a member, officer or member of staff of the competent authority is to be liable in damages for anything done or omitted in the discharge, or purported discharge, of the authority’s functions..”

    Wish we had the same protection.

    How any “authority” can place itself above reproach staggers me, yet expect other to act with total responsibility for their actions and advice.

    It is a disgrace and is unjust and unfair.

  10. Michael Fallas re your post @ 5.09

    The answer is of course the FSA, the unelected, unjust,unfair, incompetent,highly paid unaccountable quango.

Leave a comment