Nicky Morgan, the chair of the Treasury committee, has slammed the decision by City watchdog the Financial Conduct Authority (FCA) not to publish its full report into RBS’s controversial restructuring arm.
Pressure has been building on the FCA in recent weeks to publish its investigation into the taxpayer-owned banks Global Restructuring Group (GRG), after it was leaked to the BBC last month.
The broadcaster reported 92% of viable firms that ended up in GRG were mistreated in some way – for instance facing inappropriate interest charges or fees – while only one in ten ever made it back to the main bank.
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