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UK FCA given deadline to publish full report into RBS' restructuring unit

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UK FCA given deadline to publish full report into RBS' restructuring unit

Lawmakers gave the U.K. Financial Conduct Authority a deadline to publish the full report into how Royal Bank of Scotland Group Plc's now-defunct Global Restructuring Group allegedly mistreated struggling small businesses, Reuters reported.

U.K. Treasury Select Committee Chair Nicky Morgan said the regulator must publish the final, unredacted report by Feb. 16 or send a copy of it to the committee by the same date.

The regulator has only released a summary of the report so far, but the full report has already been leaked to the media and some lawmakers.

Morgan argued that the FCA had "lost control over the timing or content of further public disclosures" of the report, Reuters added.

FCA head Andrew Bailey had earlier insisted that the regulator could only publish the full report once its enforcement investigation into RBS had been completed, and until individuals identified in the report had been given the opportunity to respond. He added that the FCA was weeks away from a conclusion of the probe into RBS, the report noted.

British lawmaker Clive Lewis recently described the FCA's summary of the report as "sanitized" and said that the full report, prepared by consultancy Promontory, revealed that the bank's behavior was "systemic and widespread."

At a Jan. 30 hearing, RBS CEO Ross McEwan said the bank will not block the FCA from publishing the review. He also admitted that a statement he made in 2014 that the GRG division had turned around the "vast majority" of its customers was not true, and that his definition of turning around also included putting firms into insolvency.