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| Version 1 | Version 2 |
|---|---|
| RBS report branded 'whitewash' by MPs | RBS report branded 'whitewash' by MPs |
| (32 minutes later) | |
| A report by the financial watchdog, which recommends no further action against Royal Bank of Scotland's controversial restructuring business, has been called a "whitewash". | A report by the financial watchdog, which recommends no further action against Royal Bank of Scotland's controversial restructuring business, has been called a "whitewash". |
| A group of MPs said the Financial Conduct Authority failed to find out whether the bank's management were involved in the group's activities. | A group of MPs said the Financial Conduct Authority failed to find out whether the bank's management were involved in the group's activities. |
| RBS's Global Restructuring Group has been accused of shutting healthy firms. | RBS's Global Restructuring Group has been accused of shutting healthy firms. |
| The FCA said its conclusions were backed up by an independent report. | The FCA said its conclusions were backed up by an independent report. |
| However, MPs were highly critical of the regulator. | However, MPs were highly critical of the regulator. |
| "This report is another complete whitewash and another demonstrable failure of the regulator to perform its role," said Kevin Hollinrake, the co-chair of the All-Party Parliamentary Group on Fair Business Banking. | "This report is another complete whitewash and another demonstrable failure of the regulator to perform its role," said Kevin Hollinrake, the co-chair of the All-Party Parliamentary Group on Fair Business Banking. |
| Mr Hollinrake pointed out that the FCA was supposed to consider the root causes of the failures at RBS and whether they were known about, or authorised by RBS management. | Mr Hollinrake pointed out that the FCA was supposed to consider the root causes of the failures at RBS and whether they were known about, or authorised by RBS management. |
| "They have manifestly failed to do this," he said. | "They have manifestly failed to do this," he said. |
| The FCA said it had consulted independent experts who said its conclusions were "correct and reasonable". | The FCA said it had consulted independent experts who said its conclusions were "correct and reasonable". |
| A review into the GRG turnaround unit published last year found it mistreated thousands of small firms. | A review into the GRG turnaround unit published last year found it mistreated thousands of small firms. |
| Some firms said they were undermined and stripped of their assets after they were transferred into the RBS division between 2008 and 2013. | Some firms said they were undermined and stripped of their assets after they were transferred into the RBS division between 2008 and 2013. |
| Pushed to failure | |
| Back in July, when an interim report was published, the regulator said its powers were "very limited". | Back in July, when an interim report was published, the regulator said its powers were "very limited". |
| It argued there was no "reasonable prospects of success" when it came to action against senior managers. | It argued there was no "reasonable prospects of success" when it came to action against senior managers. |
| In today's report, the regulator said it found "no evidence that any member of senior management was dishonest or lacking in integrity". | In today's report, the regulator said it found "no evidence that any member of senior management was dishonest or lacking in integrity". |
| Mr Hollinrake said it is difficult to reconcile the FCA's findings with what happened, and called upon the FCA to publish a "full account of its findings including naming those responsible for the shameful mistreatment of thousands" of UK small businesses. | Mr Hollinrake said it is difficult to reconcile the FCA's findings with what happened, and called upon the FCA to publish a "full account of its findings including naming those responsible for the shameful mistreatment of thousands" of UK small businesses. |
| RBS Chairman, Howard Davies, said: "We welcome the conclusion of this investigation and the confirmation that no further action will be taken." | RBS Chairman, Howard Davies, said: "We welcome the conclusion of this investigation and the confirmation that no further action will be taken." |