The U.K. Financial Conduct Authority refrained from publishing a full report on the activities of Royal Bank of Scotland Group Plc's defunct Global Restructuring Group out of fear of a legal action by the bank's former or current managers, The Times reported Dec. 5, citing internal board minutes.
The regulator thought publishing the full report would leave it open to "an unacceptable risk of successful legal action" by current or former management.
The Global Restructuring Group was accused of mistreating small firms. After the regulator declined to publish the full findings, the Treasury Select Committee threatened to use its parliamentary powers to force their disclosure. FCA head Andrew Bailey then agreed to allow the committee lawyer Andrew Green to check the regulator's summary of the full report, which he concluded was accurate.
