Treasury Select Committee presses for publication of RBS report

If the legal adviser can not provide the Committee with the assurances it needs, the Committee may use its formal powers to require the FCA to produce the report.

Morgan concluded: "In any case, the long-awaited summary should be published as soon as possible". Morgan warned the FCA that if its summary of its finding was not satisfactory then the Treasury Committee will ensure full publication.

But in a sign of how lawmakers are losing patience with the watchdog, the TSC said today that it has appointed barrister Andrew Green to check by October 27 if the FCA's summary closely reflects the main report.

"The committee wants the maximum possible transparency to be brought to this long-standing issue", Morgan said.

The report, which the FCA has so far refused to publish, followed claims in 2014 that the Royal Bank of Scotland intentionally "distressed" SMEs by placing them in it's now defunct restructuring arm, the Global Restructuring Group (GRG).

"If the FCA declines this proposal, or if the legal adviser can not provide the Committee with the assurances it needs, the Committee may use its formal powers to require the FCA to produce the report".

Mr Bailey pushed back, saying that publishing the skilled persons or Section 166 review - which collects insight about a firm's activities from third parties - would mean revealing confidential information about the individuals who contributed to it.

The FCA also has yet to decide whether the case requires a formal investigation.

More than 12,000 companies were transferred into GRG between 2007 and 2012.

The FCA said that it has already asked an independent external counsel to confirm that the watchdog's summary is a fair and balanced account of the full report's findings.

The regulator added "We welcome further dialogue with the TSC on providing assurance about the publication of the summary".

Following the FCA's refusal to publish, Morgan has today written to Bailey to propose an arrangement under which the Committee appoints a legal adviser - Andrew Green QC - to compare the FCA's forthcoming summary with the underlying report.

The study was commissioned by the regulator nearly four years ago as part of its inquiry into its GRG, and while the FCA pledged last November to publish a "full account" from the skilled persons' report, it has so far refused to make it public.

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