The Financial Conduct Authority (FCA) has handed the preliminary report on RBS’s treatment of SME borrowers to Treasury committee chair Nicky Morgan, stopping short of making it publicly available
On February 13, the committee had issued a formal order that the FCA submit the preliminary report on the bank’s Global Restructuring Unit.
Although the report has subsequently been leaked, FCA chief executive Andrew Bailey said that RBS employees implicated had not yet provided their consent to publication. The FCA would consequently be in breach of Financial Services and Markets Act 2000 if it were to make the report publicly available at this stage.
Bailey added that the FCA found it more efficient to publish the report accompanied by the relevant replies, rather than edit the report itself based on subsequent responses.
He added that under the Senior Managers Regime, implemented in 2016, the FCA would “hold RBS and its [current] senior management to account to ensure the recommendations from the [GRG] report are implemented fully”.
Morgan said: “The committee will meet when Parliament returns on Tuesday, February 20. At that meeting, I will be asking members to agree to publish the final, unredacted report under parliamentary privilege as soon as possible.”