FCA agrees to scrutiny of its RBS report

"If the advisers’ report does not provide the Committee with the assurances it needs, it will decide whether any further steps are required."

A legal adviser will now scrutinise the forthcoming summary report with the underlying report to assess whether it is a 'fair and balanced summary'.

Last month, the FCA refused to publish the full skilled persons’ report into the treatment of customers in RBS’ Global Restructuring Group, despite it being leaked to the press.

GRG was a support unit for troubled businesses which came under fire in 2013 after allegations that it mistreated troubled businesses to profit from their financial hardship.

In a letter to Nicky Morgan, Chair of the Treasury Committee, Bailey consents to an arrangement under which the Committee appoints a legal adviser – Andrew Green QC – to compare the two reports.

The Treasury Committee had warned that it could use "formal powers" to force the FCA to publish its report if it refused to comply.

The advisers will provide a report to the Committee setting out their assessment as to whether or not the FCA’s summary closely reflects the findings of the skilled persons’ report.

Commenting on the correspondence, Morgan said: “The advisers will now start their work and report to the Committee before Mr Bailey’s appearance at the end of the month.

“If the advisers’ report does not provide the Committee with the assurances it needs, it will decide whether any further steps are required.

“There is no good reason for the Committee’s review to delay the FCA from publishing its summary as soon as possible.”