George Kerevan, former SNP MP and member of the Treasury Select Committee (TSC) announced his candidacy for the role of Chairman of the Financial Conduct Authority (FCA).
The announcement was made at last night’s SME Alliance meeting, the network supports businesses which were destroyed by Royal Bank of Scotland’s Global Restructuring Group (RBS GRG), and Lloyds Banking Group, owners of HBOS.
The new FCA Chairman will step into position once the current chair, Mr Griffith-Jones, steps down, as announced in June 2017.
Report into Treatment of Small Businesses
George Kerevan announced that if he was to succeed, one of his first acts as FCA Chairman would be to publish the highly controversial RBS GRG report into the treatment of small businesses.
This contradicts Andrew Bailey, CEO of the FCA, who has refused to publish the report as he believes that it is not in the public interest.
“I recognise the public interest in the outcome of the GRG review but I do not believe it is best served by us publishing the full report,” said Bailey.
The report which was leaked to the BBC earlier this month, revealed that struggling companies placed into GRG had a “slim chance of emerging from it”.
It also revealed that just 10% of businesses returned intact to mainstream banking. “As of the end of 2014, 69% of firms, were still in the successor to GRG, which was supposed to return them to health,” as reported by the BBC.
Nicky Morgan, chair of the Treasury Select Committee, insisted that as the report is now in the hands of third parties, it is essential for the FCA to immediately publish the report.
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 use our online enquiry form.