FSA to reveal RBS Failings

Financial Services Authority (FSA) has offered to publish a limited report on the failings of RBS. This agreement follows calls for the regulator to provide public information about its findings and the Government Bailout. The FSA confirmed it had finished its investigation into the failings of RBS. It has not disclosed the findings as they require RBS to give agreement to release the information.

Lord Turner confirmed

'The FSA would ideally like to be in a position to produce a publishable report,' he said. 'Such a report would ideally cover the lessons to be learned both from the decisions made by the RBS board and executives, and from any failings of the FSA supervisory approach in place at that time,' he said, adding that the proposed report would be published by March.

'We do not believe it is appropriate to publish these in full, but now propose that we ask RBS whether it is willing to give its permission for the FSA to use the information gathered as a key input to the development of a report,' he said.