Nicky Morgan confirms to FCA that the Treasury Committee has used its parliamentary powers to order the RBS-GRG


New twist 

On Wednesday 7 February, the Treasury Committee set the Financial Conduct Authority (FCA) the deadline of 16 February 2018 to publish the skilled persons’ report (Section 166) into RBS’ treatment of small business customers in its Global Restructuring Group (GRG). 

If they are unable to meet this deadline, the Committee has ordered the FCA to send the report to the Committee by the same date.

Andrew Bailey, Chief Executive of the FCA, has asked the Treasury Committee to confirm that it is using its parliamentary powers to call for persons, papers and records to order the report.

Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, has written to Mr Bailey to confirm that the Committee has used Standing Order (152)(4)(a) to order the FCA to send it the report.

Commenting on the correspondence, Mrs Morgan said:

“A version of the report is now in the public domain. The FCA has completely lost control of the publication process.

“If the FCA doesn’t publish or provide the report by Friday, it will have breached an order of the House of Commons and may be found in contempt of Parliament.