The Federation of Small Businesses (FSB) has joined calls for the City watchdog to publish its full report on Royal Bank of Scotland’s treatment of business customers.
The FSB demand comes after Treasury select committee chair Nicky Morgan today asked the Financial Conduct Authority (FCA) to make the Global Restructuring Group (GRG) report public.
“It’s encouraging to see a powerful cross-party committee intervene on this issue,” said FSB national chairman Mike Cherry.
The 12,000 small firms that were referred to GRG have been waiting almost four years for the FCA to publish its findings. The regulator’s report will be vital to helping business owners secure the compensation they’re due.
It’s hard to put a price on the damage that GRG has done to the wellbeing of our small business community. More than a decade on from its launch, those who had their livelihoods destroyed by GRG deserve not only the truth, but an apology.
Morgan’s demand came after a copy of the report was leaked to the media. It reportedly found that 92 per cent of GRG customers experienced “inappropriate action”.
“Nearly a year later, and nearly four years since the report was commissioned, we are still waiting for answers,” Morgan said today.
“The report itself is now in the hands of an unknown number of third parties. The FCA now has no control over the timing or content of further public disclosures from it.
“The balance has tipped firmly in favour of full publication. I have written to Mr Bailey to urge him to secure the approval of RBS to do so, without delay.”
In response to Morgan, an FCA spokesperson said: “We have received the TSC’s letter and will respond in due course. We have already initiated a leak inquiry into the disclosure of the s166 report on RBS GRG to the BBC, and we have asked the other parties who had access to the report, namely RBS and Promontory, to do the same.”
In April, FCA boss Andrew Bailey said he expected to full report to be published within a year. The FCA published a summary in November last year.