RBS CEO ‘edited’ the reality in proof session – MPs

LONDON (Reuters) – British lawmakers on Friday accused Royal Bank of Scotland (RBS) Chief Executive Ross McEwan of withholding info when he gave proof to their committee in January, a cost the CEO disputes.

FILE PHOTO: Royal Bank of Scotland chief government Ross McEwan speaks throughout an interview with Reuters at Canary Wharf in London, Britain July 7, 2015. REUTERS/Neil Hall

Nicky Morgan, chair of Parliament’s Treasury Committee, stated McEwan didn’t disclose, when requested whether or not there had been any felony exercise on the state-controlled financial institution, that considered one of its former staff was below investigation by police, regardless of RBS (RBS.L) having been conscious of this since 2017.

McEwan stated in an announcement he didn’t disclose the knowledge as a result of he didn’t think about it associated to the topic below dialogue with lawmakers.

FILE PHOTO: Royal Bank of Scotland indicators are seen at a department of the financial institution, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo

The CEO was known as earlier than the Treasury Committee to debate allegations of malpractice at RBS’s restructuring unit within the aftermath of the monetary disaster.

Britain’s Financial Conduct Authority investigated the unit for the interval from 2008 to 2013 and concluded that many facets of its tradition, governance and practices had been “deficient,” though there had not been felony exercise.

As the police investigation into the worker associated to a later interval, McEwan didn’t think about it related to the committee’s inquiry. “I replied to the committee’s questions in good faith,” he stated in an announcement.

However, Morgan stated his clarification in a letter to the committee was unconvincing.

“If the committee decides to ask Mr McEwan to provide further oral evidence, it will expect him to tell the whole truth, not an edited version to suit him,” she stated in an announcement.

The Treasury Committee is an influential group of lawmakers. In June, the committee stated it had “lost confidence” in TSB financial institution boss Paul Pester after an IT disaster. Under widespread stress, Pester stepped down this month.

Morgan stated RBS had displayed a “pattern of defensiveness” and “failure to acknowledge mistakes” all through its dealing with of the issues on the restructuring group.

“McEwan’s letter to me is an example of this, and it casts doubt on his assurances that RBS’s culture has changed fundamentally since he took up his position five years ago.”

Reporting by Emma Rumney; Editing by Mark Potter

Our Standards:The Thomson Reuters Trust Principles.

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