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Financial Services

Volume 608: debated on Wednesday 13 April 2016

In November 2013, the Financial Conduct Authority (FCA) announced that it would investigate the serious allegations made against RBS’s global restructuring group, regarding the treatment of small and medium-sized business customers.

In a letter from Tracey McDermott—acting chief executive of the FCA—dated 12 April 2016, the FCA states that it has now received the draft final report from Promontory Financial Group, who were appointed by the FCA to undertake the review.

There are a number of important steps to be taken by the FCA before the report is finalised, and the FCA remains committed to completing the review as soon as possible.

I have placed a copy of the FCA’s letter in the House of Commons Library.