MPs prepare to force publication of leaked RBS report
An influential group of MPs look set to defy financial regulators by forcing them to publish a controversial report on RBS’ business practices.
The Treasury Select Committee has been conducting an inquiry into the activities of the Global Restructuring Group (GRG), which has been accused of deliberately driving businesses to the wall.
Appearing before the committee earlier this month, RBS chief executive Ross McEwan and chairman Howard Davies admitted that the bank had been “aggressive” towards some of its customers.
Committee chair Nicky Morgan has already written to the Financial Conduct Authority asking for the full, unredacted report to be published.
In a recent letter to FCA chair Andrew Bailey, she pointed out that it had been four years since the regulator’s review into RBS was commissioned and 18 months since it received its final report.
Ms Morgan confirmed this morning that the FCA would have until this Friday to publish or risk being held in contempt of Parliament.
She has again written to Mr Bailey to confirm she is using her powers under parliamentary standing orders to force the regulator to release the document.
“A version of the report is now in the public domain. The FCA has completely lost control of the publication process,” Ms Morgan said.
“If the FCA doesn’t publish or provide the report by Friday, it will have breached an order of the House of Commons and may be found in contempt of Parliament.
“The Committee will meet when Parliament returns on Tuesday 20th February. At that meeting, I will be asking members to agree to publish the final, unredacted report under parliamentary privilege as soon as possible.”