FCA Defends Inaction On Controversial RBS Turnaround Unit

Law360, London (June 13, 2019, 12:02 PM BST) -- Britain’s financial watchdog has defended its decision not to act against senior managers at Royal Bank of Scotland over the activities of its discredited restructuring group, saying Thursday it had found no evidence that staff had been “dishonest or lacking in integrity."

The Financial Conduct Authority said it stood by its decision in 2018 not to take disciplinary action against The Royal Bank of Scotland Group PLC over its mistreatment of small business customers struggling after the financial crash. The FCA said it could not fine the bank or discipline managers because commercial lending is largely unregulated.

In a long-awaited report, the...

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