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City watchdog dodges call to publish RBS report
RBS was criticised for its alleged treatment of business customers (pic: Terry Murden)
The Financial Conduct Authority risked stoking more anger today by refusing to publish the full report into Royal Bank of Scotland’s treatment of small businesses.
Instead the City watchdog sent a copy of the report to MPs.
The cross-party Treasury Select Committee had given the FCA until today to either publish the report, which reveals claims of mistreatment of small business customers by the bank, or provide a copy to the committee.
The report is already in the hands of many well-placed individuals and organisations and extracts have been published, including on notorious comment from a bank executive that customers should be given enough rope to hang themselves.
The committee responded to the FCA’s decision not to publish by agreeing a meeting on Tuesday to decide whether to publish the report under parliamentary privilege.
RBS has admitted some wrongdoing but denies the most serious allegations against it – namely that it pushed firms into bankruptcy to pick up their assets on the cheap.
The FCA said it could not publish the full report because it could not obtain consent from all those mentioned.