PracticeAuditRBS chiefs foolish not criminal, FSA finds

RBS chiefs foolish not criminal, FSA finds

Investigations, aided by PwC, finds bad decisions did not amount to fraud

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.”

 

Related Articles

Ukraine central bank removes PwC’s bank auditing rights

Audit Ukraine central bank removes PwC’s bank auditing rights

5m Alia Shoaib, Reporter
Burnell made chief audit executive for challenger bank Williams & Glyn

Audit Burnell made chief audit executive for challenger bank Williams & Glyn

2y Calum Fuller, Reporter
FRC confirms KPMG-HBOS report to be released ‘in spring’

Audit FRC confirms KPMG-HBOS report to be released ‘in spring’

2y Calum Fuller, Reporter
Tyrie lays down gauntlet to FRC over HBOS probe

Audit Tyrie lays down gauntlet to FRC over HBOS probe

2y Calum Fuller, Reporter
FRC considers plans to investigate KPMG over HBOS audit

Accounting Firms FRC considers plans to investigate KPMG over HBOS audit

2y Chris Warmoll, Writer
Tyrie "flabbergasted" by FRC failure to investigate HBOS audit failings

Accounting Firms Tyrie "flabbergasted" by FRC failure to investigate HBOS audit failings

2y Chris Warmoll, Writer
Tyrie reiterates call for FRC to probe KPMG over HBOS

Accounting Firms Tyrie reiterates call for FRC to probe KPMG over HBOS

2y Chris Warmoll, Writer
Extended auditor reports restoring trust in audit in post-HBOS world

Accounting Firms Extended auditor reports restoring trust in audit in post-HBOS world

2y Chris Warmoll, Writer