25/01/2012 - FSA No Fault In RBS Failure

FSA No Fault In RBS FailureFSA No Fault In RBS Failure.

According to Sir David Walker, one of the people put in charge of preparing a report into the failure of Royal Bank of Scotland (RBS) - the Financial Services Authority (FSA) was not guilty in failing to identify the mounting problems before the bank failed.

Mr Walker did criticise the fact the the bank’s and the FSA’s board were not aware of RBS’s capital position months before it collapsed.

Out of the 61 issues brought to the FSA’s board in 2006 and 2007, only one was related to banking supervision. The rest were regarding issues surrounding treating customers fairly, Equitable Life, pensions mis-selling and other conduct issues.


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