After years of waiting, the Financial Conduct Authority announced last week that it expects to be able to conclude its investigation into the Royal Bank of Scotland (RBS) and its Global Restructuring Group (GRG) by the end of July 2018. As reported by Reuters, FCA Chief Andrew Bailey noted, “My expectation is that we will finish the investigative part before the end of July”.
However, it should be noted that as Mr Bailey states, this represents the end of only an investigative process and will not necessarily result in further information being released to the public immediately. It is therefore unclear at this point whether the FCA will be taking any enforcement action against RBS workers and managers that were involved in GRG.
As anyone that has been following the issue will be aware, the FCA has come under a stream of criticism for its handling of the GRG scandal as well as for the delays and general slow progress that has been seen by the public.
Cause for concern regarding GRG was first identified in 2013 with the publishing of the Tomlinson Report. It then took a little over four years for the initial report commissioned by the FCA to be completed, with public ire being drawn by the decision to not publish it despite a leak of a redacted version. MPs were forced to intervene to ensure the report was published in full, a matter they said at the time was in the public interest.
Seneca Banking Consultants have been pursuing compensation for victims of RBS and GRG since 2012 and have been successful in recovering over £100 million for victims of banking misconduct. If you have been affected by any form of improper conduct by the Banks, please contact us on 01204 322 805 or use our online enquiry form.