Baroness Oppenheim-Barnes
Main Page: Baroness Oppenheim-Barnes (Conservative - Life peer)Department Debates - View all Baroness Oppenheim-Barnes's debates with the HM Treasury
(13 years, 8 months ago)
Lords ChamberMy Lords, we do not know what the report says because we have not seen it. We cannot say what the report deals with, but it is clear that it concludes that enforcement action is not warranted in this case. The FSA cannot publish the content of the RBS review because information gathered from the bank during the course of the review contains confidential material. The report remains confidential under the Financial Services and Markets Act 2000. I am grateful to the noble Lord for drawing attention to the fact that we are embarked on a process completely to redraw the financial regulatory architecture. I expect that under the new architecture, the new prudential regulatory authority will be able to exercise powers under the tools we give it to minimise the risk of another case like RBS coming up in future.
My Lords, would my noble friend agree with the view that has been expressed by some people from time to time that the FSA and the Royal Bank of Scotland are covering for each other?
My Lords, I would not say in any way that the FSA and the Royal Bank of Scotland are covering up for each other. The FSA has conducted a lengthy report. It is clearly unfortunate that under the Financial Services and Markets Act, it is not possible at the moment to make the report public. On the other hand, when enforcement action is taken, it is usually made public and, indeed, in May this year, the FSA announced the conclusion of an enforcement investigation into one of the executive directors of RBS.