Nicky Morgan, chair of the Treasury Select Committee (TSC), has written to the Financial Conduct Authority (FCA) to release the leaked report into Royal Bank of Scotland’s (RBS) controversial Global Restructuring Group (GRG).
The long-awaited, 361-page report which was received by the FCA just less than one year ago is yet to be published, despite a leak.
The report which was commissioned in 2014 was recently viewed by the BBC. They found that ‘inappropriate action’ was experienced by 92% of viable firms seen by RBS’s Global Restructuring Group.
The review found that just 10% of companies returned intact to the main RBS bank.
“As of the end of 2014, 69% of firms were still in the successor to GRG, which was supposed to return them to health,” the BBC reported.
Nicky Morgan, said, “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.”
Nicky Morgan, chairwoman of Treasury Committee, demands full publication of FCA GRG review pic.twitter.com/8mX68VSUF5
— James Hurley (@jameshurley) September 7, 2017
The insider reported that Ms Morgan urged the FCA to provide a progress report to her committee in relation to the inquiry into the leak itself, and questioned whether ‘the regulator bears any responsibility.”
The FCA announced last year that they would release the report to the public, but no release date has yet been announced. Read our commentary in the Insider.
The FCA said, “We are investigating issues raised by the report which fall within our remit. We will publish the outcome of our investigation, and a full account of the issues contained in the report, once the investigation is complete.”
The FCA report was carried out by consultancy firms, Promontory Financial Group and Mazars who concluded the report in October 2016. For more information, take a look at our GRG Guide.
Seneca Banking have recovered £2.75 million relating to GRG losses and just over £100 million in total compensation for clients. If you think that you may have been affected by the Global Restructuring Group, call us on 01204 322805 or get in touch through our contact form.