Belfast Telegraph

Wednesday 16 April 2014

Fresh calls to publish secret RBS probe file

The chairman of a powerful Commons committee joined demands today for the City regulator to publish a secret report into the collapse of Ulster Bank parent Royal Bank of Scotland.

Andrew Tyrie, who heads up the cross-party Treasury Select Committee, called on the Financial Services Authority (FSA) to offer a detailed summary of its investigation into what went wrong at RBS, demanding "we need to see it".

The FSA is under fire for refusing to publish the details of its inquiry into RBS, which is now 83% owned by the Government after the financial crisis brought it to its knees.

Late last month, the FSA ruled out action against former bosses at Royal Bank of Scotland after finding that there was no evidence of fraud or dishonest activity in the lead-up to the financial crisis.

But the watchdog did not publicly release the results of its investigation, saying the Financial Services and Markets Act prevented it from disclosing information in the absence of consent.

In a letter to FSA chairman Lord Adair Turner, Mr Tyrie said the FSA should approach those concerned to ask for consent to publish a summary.

Disgraced former RBS chief Sir Fred Goodwin said he has no objection to the details being published.