By Marcus Leach
The Financial Services Authority (FSA) today (Monday) published its report into the failings of the Royal Bank of Scotland (RBS).
The report, ‘The failure of the Royal Bank of Scotland’, highlights where the bank went wrong, leading to its near collapse.
In response to the report Business Secretary Vince Cable said he was pleased the report had been published, so that lessons can be learnt.
“Following the near collapse of RBS, I called for the publication of a full report into what happened so that lessons can be learned from one of the largest ever bank bail outs. I am pleased that the FSA’s report has now been published," he said.
"The Government has already taken steps to make our banking system safer and create a culture of responsible capitalism. We are strengthening the regulation of financial services and implementing the Vickers Report on Banking.
"But we need to consider if there are other aspects that need looking at. My Department is responsible for corporate governance and the regulation of directors’ duties and conduct. The report mentions that previous reports on RBS by PwC were disclosed to my officials earlier this year.
"This information was provided so they could take a view on whether there was sufficient evidence to suggest I should take action against any director by way of disqualification. Counsel advised them that it would not be appropriate to bring proceedings on the information contained in them.
"Now that I have received the FSA’s report, I am immediately instructing Counsel to provide further advice on what course of action is open to me.”
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