RBS banker banned from work in City

The former boss of Royal Bank of Scotland's investment banking business has been banned from ever holding a senior role in the City again.

The Financial Services Authority (FSA) said Johnny Cameron had agreed to the decision following an investigation into systems and controls in the global markets division at RBS, launched in the wake of the bank's near collapse and subsequent taxpayer bail-out.

Mr Cameron will not face a fine, but will never be able to hold another top job in the City or full-time role in the UK financial services industry.

Hide Ad
Hide Ad

Mr Cameron was previously chairman of global markets at RBS, heading the bank's doomed investment division that landed RBS with huge debts while he received millions in bonuses. RBS is now 83pc nationalised after being bailed out with over 20bn of taxpayers' money.

The FSA said it had not found Mr Cameron guilty of any regulatory breaches and he had not made any admissions.

To work in a senior role in the City requires approval from the FSA, which decides if they are "fit and proper" for the function they wish to fulfil.