Financial Services Authority (FSA) pledged to publish its report into the near-collapse of Royal Bank of Scotland (RBS) yesterday, following widespread political pressure.
FSA chairman Lord Turner said in a letter yesterday he hoped to release “a clear description of any key failings” by the end of March
RBS was not warned in advance of Turner’s volte-face, which was released to the press before the bank saw a copy, but said it had “no objection” and would “engage constructively to facilitate publication of the report”. The FSA previously claimed RBS was blocking the release of its investigation, and maintained it had not written up its findings in a document that could be released.
Turner’s letter to the Treasury select committee chairman Andrew Tyrie came after he was called to a meeting with business secretary Vince Cable to discuss making the report public yesterday afternoon. Tyrie had been pressuring the watchdog to release the details of its findings, within the confidentiality limits of the Financial Services and Markets Act.
Cable said in a TV interview that he still did not know the details of the report, but added that his meeting with Turner had been productive.