Banking: Royal Bank of Scotland

House of Lords written question – answered on 13th February 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether they will review the policy of "Maxwellisation" of public inquiry reports of the sort produced by the Financial Services Authority on the Royal Bank of Scotland.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Financial Services Authority's (FSA) investigation into the failure of the Royal Bank of Scotland was not a public inquiry. It was initiated by the FSA and carried out by its board.

In such cases, arrangements for informing the subject of intended criticism and considering their representations are for the body carrying out the investigation to determine. In doing so, the body must take into account the principles of procedural fairness and relevant case law. This will generally involve informing the subject of the report of the criticisms to be made and having regard to their representations.

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