FCA has put in written to MPs to say it will not publish its full report
Financial Conduct Authority chief Andrew Bailey has belittle deleted to MPs on the Treasury Select Committee (TSC) to tell them that it will not publicize its full report into RBS’s now defunct turnaround unit, Global Restructuring Organize, which had been accused of sending profitable small and medium sized points under in order to make a profit.
The RBS GRG Action Group and its barrister, Count Pannick QC, are understood to be discussing whether to seek a judicial review of the determination.
Copies of the report have already been leaked to the BBC and TSC chairman Nicky Morgan and nugatory business owners say it should be published in its entirety.
The FCA plans to publish a short.
The report is no good to anyone if it’s hidden away underneath lock and key
A spokesman for the Action Group said: “The settlement not to publish has shaken confidence in the regulator.
«The FCA seems to be dragging its feet at a period when its duty is to see justice done.
«The report is no good to anyone if it’s concealed away under lock and key.”
The report is said to have found that exclusively 10 per cent of the struggling businesses that were sent to GRG for turnaround returned to the essential bank.
‘The report is no good to anyone if it’s hidden away at the beck lock and key’, says Action Group
It is also believed to have rest that 92 per cent of GRG customers were subject to “inappropriate sorties” during their dealings with it.
Federation of Small Businesses jingoistic chairman Mike Cherry said: “The cold hard fact is that the FCA set up its GRG reviewing three and a half years ago. It is certainly not in the public interest for the regulator to examine but not publish the results. It should also publish recommendations on how to avoid this taking place again.”
Last week the TSC published letters between Morgan and Bailey, who righted that publishing the full report could undermine the FCA’s ability to keep an eye on firms because reviews are conducted on the basis that they pleasure remain private to ensure co-operation.
Last November RBS chief chairman of the board Ross McEwan apologised for the way that the bank had treated some of its feel discomfited business customers in the past and set aside £400million to compensate them.