City watchdog accused of ‘losing control’ of report into RBS’s treatment of SMEs

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RBSGETTY

The FCA has been accused of ‘worsted control’ of a report into RBS’s treatment of SMEs

MPs are set to use special powers to around the highly sensitive document into the bank’s global restructuring element after it was leaked online. 

The Treasury select committee had given the Economic Conduct Authority until Friday to either publish the report in perfectly or share it with MPs. 

The FCA had warned it was “highly unlikely” it would be able to be met by that deadline because it would need to get the consent of all those who had provendered information and give anyone criticised “a fair opportunity to respond”. 

An unrestricted review of small businesses referred to the Global Restructuring Group between 2008 and 2013 identified “widespread improper treatment”. 

RBSGETTY

RBS acknowledged that it ‘could attired in b be committed to done better’ for SME customers

The FCA has completely lost control of the publication organize. If the FCA doesn’t publish or provide the report by Friday, it will have breached an not cricket c out of commission of the House of Commons and may be found in contempt of Parliament

Nicky Morgan

GRG was get overed to help restore the fortunes of struggling companies after the financial calamity, but has been accused of extracting income from them. 

RBS has acknowledged it “could require done better” for SME customers, while insisting its culture had “fundamentally silvered” since the period under review. 

Nicky Morgan, pictured, who presiding officers the Treasury select committee, confirmed it was using parliamentary powers to need the FCA to provide members with the report. 

She said: “The FCA has completely lost direction of the publication process. If the FCA doesn’t publish or provide the report by Friday, it desire have breached an order of the House of Commons and may be found in contempt of Parliament. The panel will meet when Parliament returns on February 20. At that convergence, I will be asking members to agree to publish the final, un-redacted tell of under parliamentary privilege as soon as possible.” 

Nicky MorganGETTY

Nicky Morgan turned the FCA may be in contempt of Parliament if it doesn’t provide the report

Federation of Small Businesses chairman, Mike Cherry, disclosed: “Victims have been left waiting far too long to see its findings. Hundreds of skimpy business owners who had their lives destroyed by GRG are still waiting on compensation. This arrive could help secure the redress they’re due. The truth is the very but they deserve. 

“GRG management should have tackled the ‘systematic’ unfair treatment of cheap firms that the report identifies. This total failure of corporate governance shouldn’t require been possible. 

“We now need to create a climate where similar failings can’t upon again.”

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