FSA report on RBS's near collapse faces legal hurdle
02 May 2011
A much-delayed report by the Financial Services Authority (FSA), UK's banking regulator, into the collapse of Royal Bank of Scotland has hit a legal bump.
The report, which the FSA had originally pledged to release in March, is not expected to be ready before the end of the year.
Taxpayers are still awaiting the probe into what went wrong at the bank, including the conduct of Sir Fred Goodwin and other top executives.
According to reports, Andrew Tyrie, chairman of the powerful cross-party Commons Treasury Select Committee, would be appointed 'independent validator' of the report as the FSA seeks to avoid criticism over its failure to produce the document.
However, according to sources close to the regulator, a senior banking executive would likely be chosen, and Tyrie is thought to be involved in the appointment process.
According to the FSA, which declined comment on the involvement of Tyrie, an appointment would likely be announced shortly along with more details of how the inquiry would be conducted.
Meanwhile, Goodwin is under immense parliamentary pressure to come clean over his privacy super-injunction.
