Politicians condemned as a complete whitewash a long-awaited report by the UKs financial regulator over why it failed to take action against the Royal Bank of Scotland over its disgraced restructuring unit.
In a 78-page report published on Thursday, the Financial Conduct Authority largely repeated conclusions aired last summer when it said it could not fine the bank or take action against senior managers because it felt it lacked the relevant powers.
The taxpayer-controlled banks now-defunct Global Restructuring Group was accused of exploiting small businesses following the 2007-2008 financial crisis by pushing them to restructure and profiting from buying assets at heavily reduced prices.
After a four-year investigation, the FCA suppo…
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