Full report into RBS’s global restructuring group must be published as soon as possible, say MPs

The Financial Conduct Authority is the City watchdog
The Financial Conduct Authority is the City watchdog
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AN influential group of MPS is calling for the full publication of a report into allegations that the RBS group mistreated some of its SME (small and medium-sized enterprise) customers.

The All Party Parliamentary Group on Fair Business Banking said it was delighted that the Treasury Select Committee has been given an opportunity to inspect a full copy of the Promontory Section 166 report into RBS’s Global Restructuring Group (GRG).

In a statement, the APPG said: “Clearly the right course of action remains to publish the report in full as soon as possible. All of those SMEs and entrepreneurs affected by this issue deserve nothing less. In the meantime, following the statement in the House by Clive Lewis, Shadow Treasury Minister, that there has been an attempt to “sanitise” Promontory’s findings in the summaries released so far, it is imperative for the full report to be opened to the scrutiny of the Treasury Select Committee.”

The full version of the report has been at the centre of a dispute, with the committee frustrated by the Financial Conduct Authority’s initial refusal to publish it.

However the FCA said last week it would publish the report in full at a later date, after RBS CEO Ross McEwan and RBS chairman Howard Davies said they would not object to this. The FCA has already published a summary following pressure from the TSC.

An FCA spokesman said: “The summary was reviewed independently by Andrew Green QC, who was appointed by the Treasury Committee to assess whether it was a fair and balanced summary of the Skilled Person’s Report. Andrew Green QC concluded that it was a fair and balanced account of the findings of the report and closely reflected its tone and narrative.

“He also concluded that the production of the summary was not a straightforward task and required a considerable exercise of judgment and that the FCA had approached it conscientiously and with success.’

Nicky Morgan MP, chair of the TSC, said: “The committee’s priority has always been to bring maximum transparency to events at GRG. In doing so, the Committee must ensure that the information it receives is accurate and complete.

“For this reason, were it to decide to publish the report, it would generally look to the FCA, as the body that commissioned the GRG review, to provide it.”