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UK FCA allows parliamentary panel to inspect controversial RBS report

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UK FCA allows parliamentary panel to inspect controversial RBS report

U.K. Financial Conduct Authority head Andrew Bailey has agreed to allow Treasury Select Committee lawyer Andrew Green review the regulator's summary of an underlying report on the activities of Royal Bank of Scotland Group Plc's defunct Global Restructuring Group, which was accused of mistreating small companies, the Financial Times reported.

The agreement came after the committee threatened to use its parliamentary powers to force the disclosure of the full report of consultancy Promontory Financial on the activities of the unit. The 361-page report, which was leaked to the BBC, indicated that about 92% of small businesses that had been placed under GRG experienced "inappropriate action" by the division, including raising interest charges or adding unnecessary fees.

The FCA previously rejected the publication of the full findings, citing concerns about legal precedents and statutory confidentiality clauses, the FT noted.