ROYAL BANK OF SCOTLAND executives were foolish but not fraudulent in the run up to the bank’s near-collapse, an investigation by the Financial Services Authority (FSA) aided by Big Four firm PwC has found.
RBS executives made “a series of bad decisions” but this did not amount to “fraud or dishonest activity by RBS senior individuals” the FSA announced today.
“The review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN AMRO and the decision to aggressively expand its investment banking business,” the FSA said in a statement.
“However, the review concluded that these bad decisions were not the result of a lack of integrity by any individual and we did not identify any instances of fraud or dishonest activity by RBS senior individuals or a failure of governance on the part of the Board.”
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day