{"id":124561,"date":"2019-06-25T18:40:34","date_gmt":"2019-06-25T18:40:34","guid":{"rendered":"https:\/\/www.bnreport.com\/fca-chief-says-evidence-not-there-to-take-action-on-rbs-grg-unit\/"},"modified":"2019-06-25T18:40:34","modified_gmt":"2019-06-25T18:40:34","slug":"fca-chief-says-evidence-not-there-to-take-action-on-rbs-grg-unit","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/fca-chief-says-evidence-not-there-to-take-action-on-rbs-grg-unit\/","title":{"rendered":"FCA chief says evidence not there to take action on RBS GRG unit"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/05\/andrew-bailey-57ed4dbfc9fc1-57ed4dbfddcf8.jpg\" \/><\/p>\n<p>The head of the Financial Conduct Authority (FCA) Andrew Bailey has defended his organisations report into RBSs disgraced turnaround unit, saying \u201cthe evidence is just not there\u201d to support action against the managers involved.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/mps-brand-watchdogs-rbs-grg-report-a-complete-whitewash\/\" rel=\"noreferrer noopener\" target=\"_blank\">MPs brand watchdogs RBS GRG report a complete whitewash<\/a><\/p>\n<p>Yet he insisted that the rules on whether or not certain managers are \u201cfit and proper\u201d to run a financial scheme such as the GRG have undergone a \u201cbig change\u201d since the 2008 financial crisis.<\/p>\n<p>It was Baileys first grilling by the Committee since the FCA published its long-awaited report into RBSs Global Restructuring Group (GRG). The group was accused of asset-stripping thousands of small businesses to shore up its balance sheet following the crisis.<\/p>\n<p>MPs condemned the report, released earlier this month, as a \u201ccomplete whitewash\u201d. The all-parliamentary group on fair banking harshly criticised the FCAs conclusion that it could not hold RBS to account for its misconduct.<\/p>\n<p>But Bailey said to bring such an action \u201cyouve got to prove that [managers] deliberately set out\u201d to damage small businesses, which is something the FCA could not do.<\/p>\n<p>He told MPs: \u201cI cant operate outside the law, Im sorry.\u201d<\/p>\n<p>Bailey said the contracts small and medium-sized businesses entered were outside the \u201cperimeter\u201d of the FCA and were governed by contract law. \u201cIn the absence of rules and regulation we dont have the means to counter that,\u201d he said.<\/p>\n<p>He defended the FCAs conclusion that there were no managers at RBS who were not \u201cfit and proper\u201d to run a financial scheme such as the GRG. He said under the rules in place at the time there was no evidence to say they were not.<\/p>\n<p>But Bailey said that the new \u201csenior managers regime\u201d was a \u201cbig change\u201d. It says every senior manager must know what they are responsible and accountable for.<\/p>\n<p>MPs raised allegations that the Asset Protection Agency (APA), an arm of the Treasury, direc<a href=\"https:\/\/www.cityam.com\/fca-chief-says-evidence-not-there-to-take-action-on-rbs-grg-unit\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=fca-chief-says-evidence-not-there-to-take-action-on-rbs-grg-unit\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/loopup.com\/app\/uploads\/2016\/08\/cityam-logo.jpeg\" \/><\/p>\n<h5><a href=\"http:\/\/www.cityam.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">CityAM<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The head of the Financial Conduct Authority (FCA) Andrew Bailey has defended his organisations repor..<\/p>\n","protected":false},"author":1,"featured_media":124562,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-124561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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