Treasury Select Committee presses for publication of RBS report

The Treasury Select Committee (TSC) has hired a barrister to check if a summary of a report by regulators into how Royal Bank of Scotland PLC (LON:RBS) treated companies in difficulties is comprehensive and fair.

In the latest twist in the saga, Ms Morgan said if the FCA refuses the proposal for independent legal scrutiny of the summary, or if the legal adviser does not provide the necessary assurances, the committee may look to force the FCA to publish.

The FCA has so far refused to publish the report in full, claiming that it would reveal confidential information about individuals, instead offering a detailed summary.

"If the FCA declines this proposal, or if the legal adviser can not provide the Committee with the assurances it needs, the Committee may use its formal powers to require the FCA to produce the report".

In a letter to FCA chief executive Andrew Bailey, Morgan included the proposal under which the unredacted report would be provided to TSC appointed advisor, Andrew Green QC, for comparison with the FCA summary.

She said: "The committee wants the maximum possible transparency to be brought to this long-standing issue".

RBS's Global Restructuring Group handled 12,000 troubled firms between 2007 and 2012, and has been accused by customers of pushing some of them into bankruptcy in order to pick up assets on the cheap.

The regulator added "We welcome further dialogue with the TSC on providing assurance about the publication of the summary".

Bailey responded to Morgan stating that he does not believe the public interest "is best served by us publishing the full report".

The full report is based on a so-called skilled persons report conducted by Promontory consultancy in 2014.

The FCA has been subject to increasing pressure to release its report on GRG since the BBC leaked it in August.

He added: "The FCA has committed to publishing a detailed summary of the GRG report".

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