Cable criticises RBS over FSA report delays

Business Secretary Vince Cable has criticised RBS for delaying the release of an FSA report into the bank’s collapse.

Business Secretary Vince Cable has criticised Royal Bank of Scotland for indefinitely delaying the release of an FSA report into the bank’s collapse.

A three-way legal battle between the FSA, senior politicians and RBS’s lawyers has caused the report – originally due in March – to be delayed for an undetermined period of time.

City grandee Sir David Walker will be called in to break the deadlock, according to reports. Walker was previously Morgan Stanley International chairman and was responsible for the Walker Review into corporate governance failures in banks at the time of the crisis.

The bank’s lawyers have been disputing the tone and content of the report claiming it would lead to further litigation, especially in the United States. Former head of investment banking at RBS Johnny Cameron has also expressed several objections to the release of the report, whereas Cable stressed the need for a comprehensive report to be released quickly.

He said: “There is a clear public interest in a comprehensive report being delivered to Government as soon as possible. My department is speaking to the FSA about the delay and shares their frustration about the obstacles put in their way to prevent publication.”

However, after a request from Treasury select committee chairman Andrew Tyrie, the FSA Chairman Lord Turner revealed in December that the regulator could only publish a “summary” of their inquiry.

Prior to Tyrie’s request, the FSA had refused to release details of their investigation into the collapse of the bank which is 84% owned by the tax payer.

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