The FSA is expected to publish its long-delayed report into the collapse of Royal Bank of Scotland next week.
But the report, which the FSA was initially not going to publish at all, will not focus on former chief executive Sir Fred Goodwin or ex-chairman Sir Tom McKillop.
The report, due to be published on December 12, will also not look at decisions made by them in connection with the 61bn-euros acquisition of ABN Amro.
Instead, it looks set to centre on the part played by Johnny Cameron, the head of the RBS investment banking arm at the time and the only member of the senior management team to have been censured by the FSA as a result of the bank’s collapse.
In May 2010 he was prohibited from working full time or performing any ‘significant influence function’ in a bank or insurance company.
The collapse of RBS meant that taxpayers had to rescue the bank to the tune of £45bn.
However, the report will look at the part played by the FSA as regulator and supervisor of the bank – although how critical the FSA will be of itself has yet to be seen. Publication of the report is likely to result in calls for an independent inquiry.
The report will be published one year after the FSA tried to close its original investigation into the bank’s collapse with a 12-line press release.
Following pressure, the FSA agreed to publish its report, but publication was due last March and has since been repeatedly delayed. Even now there is speculation that lawyers are taking a close interest in its contents.
News Source: http://www.introducertoday.co.uk/
But the report, which the FSA was initially not going to publish at all, will not focus on former chief executive Sir Fred Goodwin or ex-chairman Sir Tom McKillop.
The report, due to be published on December 12, will also not look at decisions made by them in connection with the 61bn-euros acquisition of ABN Amro.
Instead, it looks set to centre on the part played by Johnny Cameron, the head of the RBS investment banking arm at the time and the only member of the senior management team to have been censured by the FSA as a result of the bank’s collapse.
In May 2010 he was prohibited from working full time or performing any ‘significant influence function’ in a bank or insurance company.
The collapse of RBS meant that taxpayers had to rescue the bank to the tune of £45bn.
However, the report will look at the part played by the FSA as regulator and supervisor of the bank – although how critical the FSA will be of itself has yet to be seen. Publication of the report is likely to result in calls for an independent inquiry.
The report will be published one year after the FSA tried to close its original investigation into the bank’s collapse with a 12-line press release.
Following pressure, the FSA agreed to publish its report, but publication was due last March and has since been repeatedly delayed. Even now there is speculation that lawyers are taking a close interest in its contents.
News Source: http://www.introducertoday.co.uk/
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