Business

FCA refuses to publish report on RBS

LONDON (Reuters) – Britain’s monetary watchdog mentioned it might not publish the total report into Royal Bank of Scotland Group’s (RBS.L) treatment of small companies, however as a substitute despatched a duplicate of the report to lawmakers on Friday.

The cross-party Treasury Select Committee had given the Financial Conduct Authority a deadline of Friday to both publish the report, which particulars RBS’s much-criticised treatment of small business clients, or present a duplicate to the committee of politicians.

The committee responded mentioned it might meet subsequent Tuesday to resolve whether or not to publish the report beneath parliamentary privilege.

The brand of the brand new Financial Conduct Authority (FCA) is seen on the company’s headquarters within the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

The report particulars how RBS, which continues to be 71 % owned by taxpayers following its bailout through the 2008-9 monetary disaster, prioritised revenue over nursing troubled business clients again to monetary well being.

RBS has admitted some wrongdoing however denies essentially the most critical allegations towards it – particularly that it pushed companies out of business to choose up their belongings on a budget.

The scandal has weighed on RBS’s makes an attempt to reform its picture a decade on from the monetary disaster. The financial institution will report its full-year outcomes subsequent week.

The FCA mentioned it couldn’t publish the total report, which has been extensively leaked anyway, as a result of it couldn’t receive consent from all these talked about all through.

Reporting By Lawrence White; Editing by Keith Weir

Our Standards:The Thomson Reuters Trust Principles.

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