What is it with RBS that they are so keen to hide in the GRG saga which unscrupulously damaged so many viable businesses?

Today the Times reports that The Financial Conduct Authority continues to resist calls from MP’s and affected business owners to disclose the full results into its review of the scandal-hit Global Restructuring Group. It appears that the FCA when commissioning the report told the reviewers to prepare it on the basis that it could be made public. Now the FCA claim that such reports are not intended for publication despite requests from the chair of the Treasury Select Committee to publish it. RBS, having misled that committee before seems to be obfuscating by so called “Maxwellisation”. Now it appears that the long grass is the FCA’s preferred destination.

Why commission an independent and objective report if embarrassing facts will be hidden from the MP’s, public and the affected parties? Who are the FCA trying to protect? Surely RBS cannot do more damage to its tarnished reputation. What does matter is the who, the why and the how. Who because if they have wronged they need to answer to the law. Why because the smoke goes beyond just GRG and its employees to the ultimate decision makers who shouldn’t escape reprimand. And how because there is something very wrong with the UK bankruptcy process if it facilitates such blatant abuse of creditor rights.

Vested interest is at play here. That is not what the public want nor deserve. The truth should out and the culprits named and shamed. The lessons exposed need to be actioned against. Laws need changing to better balance creditor and debtor rights in distress and protect the entrepreneurial process.

For the benefit of UK business stop the procrastination; publish and let the wrongdoers be damned!!

 

Alan Tilley – Chairman, BM&T
3rd October 2017

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