This week the Financial Conduct Authority (FCA) has announced its Mission Statement for the coming year with a strong focus on personal finance, savings, and the completion of compensation for PPI. The regulator also expressed concerns on consumer borrowing, but there was much less mention of banking culture or conduct, or the long awaited Section 166 report into the activities of RBS Global Restructuring Unit.
The S.166 report question didn’t go entirely unanswered however as FCA Chief Executive Andrew Bailey spoke to BBC Radio 5 Live’s Wake up To Money programme:
Subject to the fact that we’ve got to clear the legal hurdles, I would be disappointed if it’s not within the year”
He went on to say:
“What we will actually do is publish a very extensive summary of the report that we’ve got, but it will be extensive. I hope to bring it to a conclusion as soon as possible.”
The regulator has been criticised for the delay of the report which was commissioned more than three years ago and the outcome of which was expected to be published at the end of 2015. A summary of the findings was published in November 2016, on the same day RBS announced its compensation scheme for GRG victims, but despite this many questions remain unanswered.
It is an unsatisfactory response for those businesses who found themselves victim of the activities of RBS’ Global Restructuring Group and who now face another lengthy wait for answers.
If you have been affected by the activities of RBS and GRG we recommend that you have the prospects of any potential claim assessed immediately by our banking experts. Similarly if you have been provided with an offer of compensation from RBS under its complaints scheme please contact us so we can assess your offer and advise if acceptance is in your best interest.
Speak to our expert banking team today by calling +44 (0) 161 464 7831.