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We’ve received a tsunami of comment from outraged victims of both RBS and LLOYDS. The reaction of William May is typical and representative of the view that the FCA has missed a great opportunity to start cleaning up the cesspit of UK banking.

From: William May
Sent: 31 July 2018 17:40
To:katherine.griffiths@thetimes.co.uk
Cc: ‘Hurley, James’
Subject: FCA’S DECISION OVER RBS-GRG
Katherine / James
In assessing what must surely rank as one of the more outrageous regulatory decisions of all time today by the FCA over RBS-GRG, you might care to recall the two following statements:
“We have regulators armed with comprehensive powers and responsibilities co-operating to identify and address risks across the financial sector”.
 
The Economic Secretary to the Treasury, John Glen replying to the Banking Sector Failures debate in Westminster Hall, 12th July.
 
“To deliver our objectives, Parliament has given us a range of tools. It has also given us independent powers to make decisions about how best we should use these tools. We can use these to serve the public interest in different ways, but we must be targeted when we decide when, where and how to act.”
 
Andrew Bailey,  FCA’s “Our Mission 2017”, chapter one, page one.
 
Kind regards
 
William