Friday, 19 October 2012

UK: FSA Board report into the failure of RBS - Treasury Committee inquiry report published

The House of Commons Treasury Committee has published its findings in respect of its inquiry concerning the Financial Services Authority Board's report into the failure of RBS: see here (pdf). The headline conclusion is that the FSA should and could have intervened in the takeover of ABN AMRO by Royal Bank of Scotland. An overview of the Committee's report is available here. The report contains a number of other conclusions and recommendations. In the Committee's view, for example, current rules bias enforcement activity towards technical breaches to the detriment of the most important regulatory failures. The Committee also notes that the FSA's report will be of long-term value for those involved in the regulation and corporate governance of banks.

No comments: