Statement regarding the leaked FCA S166 report on RBS’s Global Restructuring group. Importantly, the leak corroborated the Tomlinson report, Buzzfeed and the BBC, outlining that GRG targeted profitable businesses for destruction. The APPG calls for the full release of the report.
Statement from the All Party Parliamentary Group on Fair Business Banking and Finance 14 September 2017
Who has the controlling hand: the banks or the regulator?
The APPG is disappointed with the latest refusal by the FCA to release the S166 report, and urges the TSC to use its powers to force disclosure: Lord Cromwell, co-chair of the APPG commented: “We will have to see what the FCA summary includes, but for many people questions will inevitably remain as to what has been kept secret and why, whether the FCA has meaningful powers in SME banking matters – and if not, why not, and who has the whip hand – the regulator or the banks? The public and thousands of businesses affected remain in limbo while parliament, regulators and banks squabble over access. The TSC could use its powers to force disclosure in the public interest.”
APPG Vice-Chair Norman Lamb MP commented:
“It is outrageous that the FCA should refuse to publish the report despite last month’s leak. It smacks of a cover-up and seems to confirm the worst suspicions about the dreadful treatment of customers in RBS’ GRG.
“The secrecy around this report completely undermines public confidence in the FCA, and Nicky Morgan is right that the situation is unacceptable. We cannot tolerate a situation where a leaked report on such a vitally important issue remains in the hands of a select few. The FCA must immediately reconsider its decision and publish the report so that the full extent of wrongdoing within GRG is brought to light.
The FCA appears to be focusing its money and attention on the leak itself, when what it should be doing is listening to the concerns of Parliament and those who have been mistreated by the GRG and releasing this report in the interests of the public. It is an utterly skewed sense of priorities.” “I will be writing to the Chancellor to urge him to intervene.”