The FCA has been sitting on an explosive report into RBS’ Global Restructuring Group, which RBS promoted as a ‘hospital for sick businesses’. This benign, supportive description was proved a total sham when the BBC recently leaked parts of the report. It was revealed that 16,000 businesses went through GRG and over 92% never survived. This was not a hospital it was a business abattoir.
Andrew Bailey, head of the FCA is refusing to publish the full report because he claims-“ it is not in the public interest” to do so.
I have obtained a copy of the report and next week, right here, I will explain why Mr Bailey is possibly correct.