FCA responds on leaked RBS report

FCA has responded to Nicky Morgan’s letter about the leaking of a s166 report on RBS’ treatment of customers in its global restructuring group. Andrew Bailey has reiterated that FCA does not think it is in the public interest to publish the full report, and that it plans to publish a detailed summary. Nicky Morgan said that, while she appreciated the reasons for FCA’s original decision, the fact that the full report is now in the hands of an unknown number of third parties means it is now in the public interest for it to be published in full.

The original letter from Nicky Morgan to FCA points out that, had FCA published any details of the report earlier, journalists would have had no news to get hold of. Andrew Bailey, in his response, explained why the process had taken so long and agreed FCA would now publish more detail than had been proposed, but still not the entire report.