UPDATE 1-Britain's financial watchdog refuses to publish report on RBS

By Kitco News / February 16, 2018 / www.kitco.com / Article Link

(Adds more detail, committee response)

By Emma Rumney and Lawrence White

LONDON, Feb 16 (Reuters) - Britain's financial watchdog said it would not publish the full report into Royal Bank of Scotland Group's treatment of small businesses, but instead sent a copy of the report to lawmakers on Friday.

The cross-party Treasury Select Committee had given the Financial Conduct Authority a deadline of Friday to either publish the report, which details RBS's much-criticised treatment of small business customers, or provide a copy to the committee of politicians.

The committee responded said it would meet next Tuesday to decide whether to publish the report under parliamentary privilege.

The report details how RBS, which is still 71 percent owned by taxpayers following its bailout during the 2008-9 financial crisis, prioritised profit over nursing troubled business customers back to financial health.

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 scandal has weighed on RBS's attempts to reform its image a decade on from the financial crisis. The bank will report its full-year results next week.

The FCA said it could not publish the full report, which has been widely leaked anyway, because it could not obtain consent from all those mentioned throughout.


(Reporting By Lawrence White; Editing by Keith Weir)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Producing gold still up after metal reversal, juniors down

February 17, 2025 / www.canadianminingreport.com

Clear split between gold, silver stock ETFs and rest of sector in 2025

February 17, 2025 / www.canadianminingreport.com

Gold producers and juniors back to recent highs

February 10, 2025 / www.canadianminingreport.com

US tariff hikes shock market and drive retaliation

February 03, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok