الرئيسية
LONDON (Reuters) - Bank takeovers should face deeper scrutiny and
directors be more accountable for their actions, Britain's finance
watchdog said in a long-awaited report into Royal Bank of Scotland's near collapse.
The Financial Services Authority (FSA) said in a 452 page report on
Monday that RBS managers, like former chief executive Fred Goodwin, were
most at fault in the bank's brush with bankruptcy, which was only
averted by a 45 billion pound ($70 billion) government bailout in 2008.
The regulator, due to be broken up next year with much of its remit
returning to the Bank of England, was also critical of its own actions
and of former Prime Ministers Tony Blair and Gordon Brown for
encouraging a "light touch" regulatory regime.
The report, like earlier investigations, said there was no prospect
of successful legal action against former RBS executives as there was no
evidence of criminal wrongdoing, although they had made a series of bad
decisions.
But it said they could still be disqualified from being directors in
future, pending a decision by the government, and suggested the law
could be changed.
FSA Chairman Adair Turner said bank directors could be banned or have
pay clawed back if their company failed, as banks were different from
other firms and need to pay more attention to risk than profits.
directors be more accountable for their actions, Britain's finance
watchdog said in a long-awaited report into Royal Bank of Scotland's near collapse.
The Financial Services Authority (FSA) said in a 452 page report on
Monday that RBS managers, like former chief executive Fred Goodwin, were
most at fault in the bank's brush with bankruptcy, which was only
averted by a 45 billion pound ($70 billion) government bailout in 2008.
The regulator, due to be broken up next year with much of its remit
returning to the Bank of England, was also critical of its own actions
and of former Prime Ministers Tony Blair and Gordon Brown for
encouraging a "light touch" regulatory regime.
The report, like earlier investigations, said there was no prospect
of successful legal action against former RBS executives as there was no
evidence of criminal wrongdoing, although they had made a series of bad
decisions.
But it said they could still be disqualified from being directors in
future, pending a decision by the government, and suggested the law
could be changed.
FSA Chairman Adair Turner said bank directors could be banned or have
pay clawed back if their company failed, as banks were different from
other firms and need to pay more attention to risk than profits.