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RBS probe 'highly unlikely' to meet deadline, Financial Conduct Authority admits

A FINANCIAL Conduct Authority (FCA) report into whether family businesses were mistreated by Royal Bank of Scotland (RBS) is “highly unlikely” to hit a deadline imposed by MPs, the watchdog admitted today.

The Treasury select committee ordered FCA chief Andrew Bailey on Wednesday to release its report into GRG, the lender’s restructuring arm.

The day before, shadow Treasury minister Clive Lewis had used parliamentary privilege to ask Speaker John Bercow for an unredacted FCA report stating RBS boasted that one family firm was about to “’lose their shirts’ so that RBS could get a ‘chunky equity deal’.”

Mr Lewis later handed the report to Treasury select committee chairwoman Nicky Morgan.

Yesterday, Mr Bailey wrote to the MP saying that “legal impediments” make it improbable that the FCA will be able to publish a completed public version of the report on GRG before the February 16 deadline.

Mr Bailey said that the FCA would be writing to people named in the report to get consent and offer them the right to respond to criticisms.

He said the FCA would hand a copy to Ms Morgan by February 16, but cautioned committee MPs against publishing the report themselves under parliamentary privilege.

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