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FSA to publish “limited” RBS report

16 Dec 10

Watchdog seeks compromise after bank blocks full disclosure

The FSA is to publish details of its investigation into failings at RBS in the run-up to the financial crisis, which found the bank’s board had made several bad decisions, but cleared it of any impropriety.

The original decision not to publish the investigations detailed findings has been the subject of significant criticism. However, earlier this week, FSA chairman Lord Turner revealed in an open letter to Treasury Committee chairman Andrew Tyrie that it had been RBS which had refused to give its consent for the details to be made public; a position which Turner described as “extremely unsatisfactory”.

The FSA is now working on a summary version of its report, which is scheduled for publication in March. However, this would again be subject to approval from the bank, which has already warned its decision on whether to sign off on the report would be subject to “commercial constraints”.

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